In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.[1] Economists often urge governments to adopt policies that "internalize" an externality, so that costs and benefits will affect mainly parties who choose to incur them.[2]

For example, manufacturing activities that cause air pollution impose health and clean-up costs on the whole society, whereas the neighbors of an individual who chooses to fire-proof his home may benefit from a reduced risk of a fire spreading to their own houses. If external costs exist, such as pollution, the producer may choose to produce more of the product than would be produced if the producer were required to pay all associated environmental costs. Because responsibility or consequence for self-directed action lies partly outside the self, an element of externalization is involved. If there are external benefits, such as in public safety, less of the good may be produced than would be the case if the producer were to receive payment for the external benefits to others. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the imputed monetary value of benefits and costs to all parties involved.[3][4] Thus, unregulated markets in goods or services with significant externalities generate prices that do not reflect the full social cost or benefit of their transactions; such markets are therefore inefficient.

Two British economists are credited with having initiated the formal study of externalities, or "spillover effects": Henry Sidgwick (1838–1900) is credited with first articulating, and Arthur C. Pigou (1877–1959) is credited with formalizing the concept of externalities.[5]

Suppose that there are K{\displaystyle K} different possible allocations and N{\displaystyle N} different agents, where K,N<∞{\displaystyle K,N<\infty } and N≥2{\displaystyle N\geq 2}. Suppose that each agent has a type θi∼Fi[0,1]{\displaystyle \theta _{i}\sim F_{i}[0,1]} and that each agent gets payoff vi(θi,k)+ti{\displaystyle v_{i}(\theta _{i},k)+t_{i}}, where ti{\displaystyle t_{i}} is the transfer paid by the i{\displaystyle i}-th agent. A map f=(κ,t1,...,tN){\displaystyle f=(\kappa ,t_{1},...,t_{N})} is a social choice function if

where θ−i{\displaystyle \theta _{-i}} is the type vector θ{\displaystyle \theta } without its i{\displaystyle i}-th component. Intuitively, the first term is the hypothetical total payoff for all agents j≠i{\displaystyle j\neq i} given that agent i{\displaystyle i} does not exist, and the second (subtracted) term is the actual total payoff for all agents j≠i{\displaystyle j\neq i} given that agent i{\displaystyle i} does exist.

Voluntary exchange is by definition mutually beneficial to both business parties involved, because the parties would not agree to undertake it if either thought it detrimental to their interests. However, a transaction can cause effects on third parties without their knowledge or consent. From the perspective of those affected, these effects may be negative (pollution from a nearby factory), or positive (honey bees kept for honey that also pollinate neighboring crops). Neoclassical welfare economics asserts that, under plausible conditions, the existence of externalities will result in outcomes that are not socially optimal. Those who suffer from external costs do so involuntarily, whereas those who enjoy external benefits do so at no cost.

A voluntary exchange may reduce societal welfare if external costs exist. The person who is affected by the negative externalities in the case of air pollution will see it as lowered utility: either subjective displeasure or potentially explicit costs, such as higher medical expenses. The externality may even be seen as a trespass on their lungs, violating their property rights. Thus, an external cost may pose an ethical or political problem. Alternatively, it might be seen as a case of poorly defined property rights, as with, for example, pollution of bodies of water that may belong to no one (either figuratively, in the case of publicly owned, or literally, in some countries and/or legal traditions).

On the other hand, a positive externality would increase the utility of third parties at no cost to them. Since collective societal welfare is improved, but private providers would have no way of monetizing the benefit, less of the good will be produced than would be optimal for society as a whole in a theoretical model with no government. Goods with positive externalities include education (believed to increase societal productivity and well-being, though some benefits are internalized in the form of higher wages), public health initiatives (which may reduce the health risks and costs for third parties for such things as transmittable diseases) and law enforcement.

Positive externalities are often associated with the free rider problem. For example, individuals who are vaccinated reduce the risk of contracting the relevant disease for all others around them, and at high levels of vaccination, society may receive large health and welfare benefits; but any one individual can refuse vaccination, still avoiding the disease by "free riding" on the costs borne by others.

There are a number of theoretical means of improving overall social utility when negative externalities are involved. The market-driven approach to correcting externalities is to "internalize" third party costs and benefits, for example, by requiring a polluter to repair any damage caused. But in many cases, internalizing costs or benefits is not feasible, especially if the true monetary values cannot be determined.

Laissez-faire economists such as Friedrich Hayek and Milton Friedman sometimes refer to externalities as "neighborhood effects" or "spillovers", although externalities are not necessarily minor or localized. Similarly, Ludwig von Mises argues that externalities arise from lack of "clear personal property definition."

Light pollution is an example of an externality because the consumption of street lighting has an effect on bystanders that is not compensated for by the consumers of the lighting.

A negative externality (also called "external cost" or "external diseconomy") is an economic activity that imposes a negative effect on an unrelated third party. It can arise either during the production or the consumption of a good or service.[7] Pollution is termed an externality because it imposes costs on people who are "external" to the producer and consumer of the polluting product.[8]Barry Commoner commented on the costs of externalities:

Clearly, we have compiled a record of serious failures in recent technological encounters with the environment. In each case, the new technology was brought into use before the ultimate hazards were known. We have been quick to reap the benefits and slow to comprehend the costs.[9]

Many negative externalities are related to the environmental consequences of production and use. The article on environmental economics also addresses externalities and how they may be addressed in the context of environmental issues.

Examples for negative production externalities include:

Air pollution from burning fossil fuels. This activity causes damages to crops, (historic) buildings and public health.[10][11]

Negative effects of Industrial farm animal production, including "the increase in the pool of antibiotic-resistant bacteria because of the overuse of antibiotics; air quality problems; the contamination of rivers, streams, and coastal waters with concentrated animal waste; animal welfare problems, mainly as a result of the extremely close quarters in which the animals are housed."[15][16]

In the United States, the cost of storing nuclear waste from nuclear plants for more than 1,000 years (over 100,000 for some types of nuclear waste) is, in principle, included in the cost of the electricity the plant produces in the form of a fee paid to the government and held in the nuclear waste superfund, although much of that fund was spent on Yucca Mountain without producing a solution. Conversely, the costs of managing the long term risks of disposal of chemicals, which may remain hazardous on similar time scales, is not commonly internalized in prices. The USEPA regulates chemicals for periods ranging from 100 years to a maximum of 10,000 years.

Examples of negative consumption externalities include:

Noise pollution Sleep deprivation due to a neighbour listening to loud music late at night.

Antibiotic resistance, caused by increased usage of antibiotics. Individuals do not consider this efficacy cost when making usage decisions. Government policies proposed to preserve future antibiotic effectiveness include educational campaigns, regulation, Pigouvian taxes, and patents.

Passive smoking Shared costs of declining health and vitality caused by smoking and/or alcohol abuse. Here, the "cost" is that of providing minimum social welfare. Economists more frequently attribute this problem to the category of moral hazards, the prospect that parties insulated from risk may behave differently from the way they would if they were fully exposed to the risk. For example, individuals with insurance against automobile theft may be less vigilant about locking their cars, because the negative consequences of automobile theft are (partially) borne by the insurance company.

Traffic congestion When more people use public roads, road users experience (congestion costs) such as more waiting in traffic and longer trip times. Increased road users also increase the likelihood of road accidents.[17]

Price increases Consumption by one consumer of goods in addition to their existing supply causes prices to rise and therefore makes other consumers worse off, perhaps by preventing, reducing or delaying their consumption. These effects are sometimes called "pecuniary externalities" and are distinguished from "real externalities" or "technological externalities". Pecuniary externalities appear to be externalities, but occur within the market mechanism and are not considered to be a source of market failure or inefficiency, although they may still result in substantial harm to others.[18]

A positive externality (also called "external benefit" or "external economy" or "beneficial externality") is the positive effect an activity imposes on an unrelated third party.[19] Similar to a negative externality, it can arise either on the production side, or on the consumption side.[7]

Examples of positive production externalities include:

A beekeeper who keeps the bees for their honey. A side effect or externality associated with such activity is the pollination of surrounding crops by the bees. The value generated by the pollination may be more important than the value of the harvested honey.

The construction and operation of an airport. This will benefit local businesses, because of the increased accessibility.

An industrial company providing first aid classes for employees to increase on the job safety. This may also save lives outside the factory.

A foreign firm that demonstrates up-to-date technologies to local firms and improves their productivity.[20]

Examples of positive consumption externalities include:

An individual who maintains an attractive house may confer benefits to neighbors in the form of increased market values for their properties.

An individual receiving a vaccination for a communicable disease not only decreases the likelihood of the individual's own infection, but also decreases the likelihood of others becoming infected through contact with the individual. (See herd immunity)

An individual buying a product that is interconnected in a network (e.g., a smartphone). This will increase the usefulness of such phones to other people who have a video cellphone. When each new user of a product increases the value of the same product owned by others, the phenomenon is called a network externality or a network effect. Network externalities often have "tipping points" where, suddenly, the product reaches general acceptance and near-universal usage.

In an area that does not have a publicfire department, homeowners who purchase private fire protection services provide a positive externality to neighboring properties, which are less at risk of the protected neighbor's fire spreading to their (unprotected) house.

The existence or management of externalities may give rise to political or legal conflicts.[citation needed]

Collective solutions or public policies are implemented to regulate activities with positive or negative externalities.

A position externality "occurs when new purchases alter the relevant context within which an existing positional good is evaluated."[22]Robert H. Frank gives the following example:

if some job candidates begin wearing expensive custom-tailored suits, a side effect of their action is that other candidates become less likely to make favorable impressions on interviewers. From any individual job seeker's point of view, the best response might be to match the higher expenditures of others, lest her chances of landing the job fall. But this outcome may be inefficient, since when all spend more, each candidate's probability of success remains unchanged. All may agree that some form of collective restraint on expenditure would be useful."[22]

Frank notes that treating positional externalities like other externalities might lead to "intrusive economic and social regulation."[22] He argues, however, that less intrusive and more efficient means of "limiting the costs of expenditure cascades"—i.e., the hypothesized increase in spending of middle-income families beyond their means "because of indirect effects associated with increased spending by top earners"—exist; one such method is the personal income tax.[22]

Inframarginal externalities are externalities in which there is no benefit or loss to the marginal consumer. In other words, people neither gain nor lose anything at the margin, but benefits and costs do exist for those consumers within the given inframarginal range.

The usual economic analysis of externalities can be illustrated using a standard supply and demand diagram if the externality can be valued in terms of money. An extra supply or demand curve is added, as in the diagrams below. One of the curves is the private cost that consumers pay as individuals for additional quantities of the good, which in competitive markets, is the marginal private cost. The other curve is the true cost that society as a whole pays for production and consumption of increased production the good, or the marginal social cost. Similarly there might be two curves for the demand or benefit of the good. The social demand curve would reflect the benefit to society as a whole, while the normal demand curve reflects the benefit to consumers as individuals and is reflected as effective demand in the market.

What curve is added depends on the type of externality that is described, but not whether it is positive or negative. Whenever an externality arises on the production side, there will be two supply curves (private and social cost). However, if the externality arises on the consumption side, there will be two demand curves instead (private and social benefit). This distinction is essential when it comes to resolving inefficiencies that are caused by externalities.

Demand curve with external costs; if social costs are not accounted for price is too low to cover all costs and hence quantity produced is unnecessarily high (because the producers of the good and their customers are essentially underpaying the total, real factors of production.)

The graph shows the effects of a negative externality. For example, the steel industry is assumed to be selling in a competitive market – before pollution-control laws were imposed and enforced (e.g. under laissez-faire). The marginal private cost is less than the marginal social or public cost by the amount of the external cost, i.e., the cost of air pollution and water pollution. This is represented by the vertical distance between the two supply curves. It is assumed that there are no external benefits, so that social benefit equals individual benefit.

If the consumers only take into account their own private cost, they will end up at price Pp and quantity Qp, instead of the more efficient price Ps and quantity Qs. These latter reflect the idea that the marginal social benefit should equal the marginal social cost, that is that production should be increased only as long as the marginal social benefit exceeds the marginal social cost. The result is that a free market is inefficient since at the quantity Qp, the social benefit is less than the social cost, so society as a whole would be better off if the goods between Qp and Qs had not been produced. The problem is that people are buying and consuming too much steel.

This discussion implies that negative externalities (such as pollution) are more than merely an ethical problem. The problem is one of the disjuncture between marginal private and social costs that is not solved by the free market. It is a problem of societal communication and coordination to balance costs and benefits. This also implies that pollution is not something solved by competitive markets. Some collective solution is needed, such as a court system to allow parties affected by the pollution to be compensated, government intervention banning or discouraging pollution, or economic incentives such as green taxes.

Supply curve with external benefits; when the market does not account for additional social benefits of a good both the price for the good and the quantity produced are lower than the market could bear.

The graph shows the effects of a positive or beneficial externality. For example, the industry supplying smallpox vaccinations is assumed to be selling in a competitive market. The marginal private benefit of getting the vaccination is less than the marginal social or public benefit by the amount of the external benefit (for example, society as a whole is increasingly protected from smallpox by each vaccination, including those who refuse to participate). This marginal external benefit of getting a smallpox shot is represented by the vertical distance between the two demand curves. Assume there are no external costs, so that social cost equals individual cost.

If consumers only take into account their own private benefits from getting vaccinations, the market will end up at price Pp and quantity Qp as before, instead of the more efficient price Ps and quantity Qs. These latter again reflect the idea that the marginal social benefit should equal the marginal social cost, i.e., that production should be increased as long as the marginal social benefit exceeds the marginal social cost. The result in an unfettered market is inefficient since at the quantity Qp, the social benefit is greater than the societal cost, so society as a whole would be better off if more goods had been produced. The problem is that people are buying too few vaccinations.

The issue of external benefits is related to that of public goods, which are goods where it is difficult if not impossible to exclude people from benefits. The production of a public good has beneficial externalities for all, or almost all, of the public. As with external costs, there is a problem here of societal communication and coordination to balance benefits and costs. This also implies that vaccination is not something solved by competitive markets. The government may have to step in with a collective solution, such as subsidizing or legally requiring vaccine use. If the government does this, the good is called a merit good. Examples include policies to accelerate the introducing of Electric vehicles[23] or promote Bicycling[24] which benefit Public health.

Mediation or negotiation between those affected by externalities and those causing them

Ecological economics, if more widely known and applied, would shift the economic paradigm from the current reductionist, strictly financial view to something more cognizant of externalities, and thus more extensible and sustainable over time.

A Pigovian tax (also called Pigouvian tax, after economist Arthur C. Pigou) is a tax imposed that is equal in value to the negative externality. The result is that the market outcome would be reduced to the efficient amount. A side effect is that revenue is raised for the government, reducing the amount of distortionary taxes that the government must impose elsewhere. Governments justify the use of Pigovian taxes saying that these taxes help the market reach an efficient outcome because this tax bridges the gap between marginal social costs and marginal private costs.[25]

Some arguments against Pigovian taxes say that the tax does not account for all the transfers and regulations involved with an externality. In other words, the tax only considers the amount of externality produced.[26] Another argument against the tax is that it does not take private property into consideration. Under the Pigovian system, one firm, for example, can be taxed more than another firm, even though the other firm is actually producing greater amounts of the negative externality.[27][full citation needed]

However, the most common type of solution is a tacit agreement through the political process. Governments are elected to represent citizens and to strike political compromises between various interests. Normally governments pass laws and regulations to address pollution and other types of environmental harm. These laws and regulations can take the form of "command and control" regulation (such as setting standards, targets, or process requirements), or environmental pricing reform (such as ecotaxes or other Pigovian taxes, tradable pollution permits or the creation of markets for ecological services). The second type of resolution is a purely private agreement between the parties involved.

Government intervention might not always be needed. Traditional ways of life may have evolved as ways to deal with external costs and benefits. Alternatively, democratically run communities can agree to deal with these costs and benefits in an amicable way. Externalities can sometimes be resolved by agreement between the parties involved. This resolution may even come about because of the threat of government action.

Ronald Coase argued that if all parties involved can easily organize payments so as to pay each other for their actions, then an efficient outcome can be reached without government intervention. Some take this argument further, and make the political claim that government should restrict its role to facilitating bargaining among the affected groups or individuals and to enforcing any contracts that result. This result, often known as the Coase theorem, requires that

If all of these conditions apply, the private parties can bargain to solve the problem of externalities.

This theorem would not apply to the steel industry case discussed above. For example, with a steel factory that trespasses on the lungs of a large number of individuals with pollution, it is difficult if not impossible for any one person to negotiate with the producer, and there are large transaction costs. Hence the most common approach may be to regulate the firm (by imposing limits on the amount of pollution considered "acceptable") while paying for the regulation and enforcement with taxes. The case of the vaccinations would also not satisfy the requirements of the Coase theorem. Since the potential external beneficiaries of vaccination are the people themselves, the people would have to self-organize to pay each other to be vaccinated. But such an organization that involves the entire populace would be indistinguishable from government action.

In some cases, the Coase theorem is relevant. For example, if a logger is planning to clear-cut a forest in a way that has a negative impact on a nearby resort, the resort-owner and the logger could, in theory, get together to agree to a deal. For example, the resort-owner could pay the logger not to clear-cut – or could buy the forest. The most problematic situation, from Coase's perspective, occurs when the forest literally does not belong to anyone; the question of "who" owns the forest is not important, as any specific owner will have an interest in coming to an agreement with the resort owner (if such an agreement is mutually beneficial).

However, the Coase theorem is difficult to implement because Coase does not offer a negotiation method.[28] Additionally, firms could potentially bribe each other since there is little to no government interaction under the Coase theorem.[29] For example, if one oil firm has a high pollution rate and its neighboring firm is bothered by the pollution, then the latter firm may move depending on incentives. Thus, if the oil firm were to bribe the second firm, the first oil firm would suffer no negative consequences because the government would not know about the bribing.

Ecological economics criticizes the concept of externality because there is not enough system thinking and integration of different sciences in the concept. Ecological economics is founded upon the view that the neoclassical economics (NCE) assumption that environmental and community costs and benefits are mutually canceling "externalities" is not warranted. Joan Martinez Alier,[30] for instance shows that the bulk of consumers are automatically excluded from having an impact upon the prices of commodities, as these consumers are future generations who have not been born yet. The assumptions behind future discounting, which assume that future goods will be cheaper than present goods, has been criticized by Fred Pearce[31] and by the recent Stern Report (although the Stern report itself does employ discounting and has been criticized for this and other reasons by ecological economists such as Clive Spash).[32]

Concerning these externalities, some like the eco-businessman Paul Hawken argue an orthodox economic line that the only reason why goods produced unsustainably are usually cheaper than goods produced sustainably is due to a hidden subsidy, paid by the non-monetized human environment, community or future generations.[33] These arguments are developed further by Hawken, Amory and Hunter Lovins to promote their vision of an environmental capitalist utopia in Natural Capitalism: Creating the Next Industrial Revolution.[34]

In contrast, ecological economists, like Joan Martinez-Alier, appeal to a different line of reasoning.[35] Rather than assuming some (new) form of capitalism is the best way forward, an older ecological economic critique questions the very idea of internalizing externalities as providing some corrective to the current system. The work by Karl William Kapp explains why the concept of "externality" is a misnomer.[36] In fact the modern business enterprise operates on the basis of shifting costs onto others as normal practice to make profits.[37]Charles Eisenstein has argued that this method of privatising profits while socialising the costs through externalities, passing the costs to the community, to the natural environment or to future generations is inherently destructive[38] As social ecological economist Clive Spash has noted, externality theory fallaciously assumes environmental and social problems are minor aberrations in an otherwise perfectly functioning efficient economic system.[39] Internalizing the odd externality does nothing to address the structural systemic problem and fails to recognize the all pervasive nature of these supposed 'externalities'.

^Barry Commoner "Frail Reeds in a Harsh World". New York: The American Museum of Natural History. Natural History. Journal of the American Museum of Natural History, Vol. LXXVIII No. 2, February, 1969, p. 44

^Small, Kenneth A.; José A. Gomez-Ibañez (1998). Road Pricing for Congestion Management: The Transition from Theory to Policy. The University of California Transportation Center, University of California at Berkeley. p. 213.

^Einsentein, Charles (2011), "Sacred Economics: Money, Gift and Society in an Age in Transition" (Evolver Editions)

^Spash, Clive L. (16 July 2010). "The brave new world of carbon trading". New Political Economy. Taylor and Francis Online. 15 (2): 169–95. doi:10.1080/13563460903556049. Copy also available at "Archived copy"(PDF). Archived from the original(PDF) on 2013-05-10. Retrieved 2013-09-13.

1.
Air pollution
–
Air pollution occurs when harmful substances including particulates and biological molecules are introduced into Earths atmosphere. It may cause diseases, allergies or death in humans, it may cause harm to other living organisms such as animals and food crops. Human activity and natural processes can both generate air pollution, indoor air pollution and poor urban air quality are listed as two of the worlds worst toxic pollution problems in the 2008 Blacksmith Institute Worlds Worst Polluted Places report. According to the 2014 WHO report, air pollution in 2012 caused the deaths of around 7 million people worldwide, an air pollutant is a substance in the air that can have adverse effects on humans and the ecosystem. The substance can be particles, liquid droplets, or gases. A pollutant can be of natural origin or man-made, pollutants are classified as primary or secondary. Primary pollutants are usually produced from a process, such as ash from a volcanic eruption, other examples include carbon monoxide gas from motor vehicle exhaust, or the sulfur dioxide released from factories. Secondary pollutants are not emitted directly, rather, they form in the air when primary pollutants react or interact. Ground level ozone is a prominent example of a secondary pollutant, some pollutants may be both primary and secondary, they are both emitted directly and formed from other primary pollutants. Substances emitted into the atmosphere by human activity include, Carbon dioxide - Debate continues over whether carbon dioxide should be classified as an atmospheric pollutant, because of its role as a greenhouse gas it has been described as the leading pollutant and the worst climate pollution. Against this it is argued that carbon dioxide is a component of the atmosphere, essential for plant life. This question of terminology has practical effects, for example as determining whether the U. S. Clean Air Act is deemed to regulate CO2 emissions, CO2 increase in earths atmosphere has been accelerating. Sulfur oxides - particularly sulfur dioxide, a compound with the formula SO2. SO2 is produced by volcanoes and in industrial processes. Coal and petroleum often contain sulfur compounds, and their combustion generates sulfur dioxide, further oxidation of SO2, usually in the presence of a catalyst such as NO2, forms H2SO4, and thus acid rain. This is one of the causes for concern over the impact of the use of these fuels as power sources. Nitrogen oxides - Nitrogen oxides, particularly nitrogen dioxide, are expelled from high temperature combustion and they can be seen as a brown haze dome above or a plume downwind of cities. Nitrogen dioxide is a compound with the formula NO2

2.
Motor vehicle
–
For legal purposes motor vehicles are often identified within a number of vehicle classes including cars, buses, motorcycles, off-road vehicles, light trucks and regular trucks. These classifications vary according to the codes of each country. ISO3833,1977 is the standard for road vehicles types, terms, as of 2010 there were more than one billion motor vehicles in use in the world excluding off-road vehicles and heavy construction equipment. Global vehicle ownership per capita in 2010 was 148 vehicles in operation per 1000 people, the United States has the largest fleet of motor vehicles in the world, with 239.8 million in 2010. Vehicle ownership per capita in the US is also the highest in the world with 769 vehicles in operation per 1000 people. The Peoples Republic of China has the second largest fleet in the world, with more than 78 million vehicles. In 2011, a total of 80 million cars and commercial vehicles were built, led by China, the US publisher Wards, estimate that as of 2010 there were 1.015 billion motor vehicles in use in the world. This figure represents the number of cars, light, medium and heavy duty trucks, and buses, the world vehicle population passed the 500 million-unit mark in 1986, from 250 million motor vehicles in 1970. Between 1950 and 1970, the population doubled roughly every 10 years. Two US researchers estimate that the fleet will reach 2 billion motor vehicles by 2020. Navigant Consulting forecasts that the stock of light-duty motor vehicles will reach 2 billion units in 2035. The global rate of motorization increased in 2013 to 174 vehicles per 1000 inhabitants, in developing countries vehicle ownership rates rarely exceed 200 cars per 1,000 population. The five largest markets, Germany, Italy, France, the UK, the EU-27 member countries had in 2009 an estimated ownership rate of 473 passenger cars per 1000 people. According to Wards, Italy had the second highest vehicle ownership per capita in 2010, Germany had a rate of motorization of 534 vehicles per 1000 people and the UK of 525 vehicles per 1000 inhabitants, both in 2008. France had a rate of 575 vehicles per 1000 people and Spain 608 vehicles per 1000 people in 2007, portugal, between 1991 and 2002 grew up 220% on its motorization rate, having had in 2002,560 cars per 1000 people. Italy also leads in alternative fuel vehicles, with a fleet of 779,090 natural gas vehicles as of June 2012, sweden, with 225,000 flexible-fuel vehicles, has the largest flexifuel fleet in Europe by mid-2011. According to Wards, the United States has the largest fleet of vehicles in the world. Vehicle ownership per capita in the U. S. is also the highest in the world with 769 vehicles in operation per 1000 inhabitants, or a ratio of 1,1.3 vehicles to people

3.
Economics
–
Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services according to the Merriam-Webster Dictionary. Economics focuses on the behaviour and interactions of economic agents and how economies work, consistent with this focus, textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behaviour of elements in the economy, including individual agents and markets, their interactions. Individual agents may include, for example, households, firms, buyers, macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, inflation, economic growth, and the public policies that address these issues. Economic analysis can be applied throughout society, as in business, finance, health care, Economic analyses may also be applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment. At the turn of the 21st century, the domain of economics in the social sciences has been described as economic imperialism. The ultimate goal of economics is to improve the conditions of people in their everyday life. There are a variety of definitions of economics. Some of the differences may reflect evolving views of the subject or different views among economists, to supply the state or commonwealth with a revenue for the publick services. Say, distinguishing the subject from its uses, defines it as the science of production, distribution. On the satirical side, Thomas Carlyle coined the dismal science as an epithet for classical economics, in this context and it enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. He affirmed that previous economists have usually centred their studies on the analysis of wealth, how wealth is created, distributed, and consumed, but he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it, generates both cost and benefits, and, resources are used to attain the goal. If the war is not winnable or if the costs outweigh the benefits. Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets, there are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. The same source reviews a range of included in principles of economics textbooks. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving, microeconomics examines how entities, forming a market structure, interact within a market to create a market system

4.
Fireproofing
–
Fireproofing is rendering something resistant to fire, or incombustible, or material for use in making anything fire-proof. It is a fire protection measure. Fireproof or fireproofing can be used as a noun, verb or adjective, applying a certification listed fireproofing system to certain structures allows them to have a fire-resistance rating. The term fireproofing may be used in conjunction with standards, as reflected in common North American construction specifications, an item classed as fireproof is resistant in specified circumstances, and may burn or be rendered inoperable by fire exceeding the intensity or duration that it is designed to withstand. Because the material was later proven to cause cancer in the long run, endothermic materials have also been used to a large extent and are still in use today, such as gypsum, concrete and other cementitious products. More highly evolved versions of these are used in aerodynamics, intercontinental ballistic missiles and re-entry vehicles, the use of these older materials has been standardised in old systems, such as those listed in BS476, DIN4102 and the National Building Code of Canada. Among the conventional materials, purpose-designed spray fireproofing plasters have become abundantly available the world over, cementitious plasters that contain Portland cement have been traditionally lightened by the use of inorganic lightweight aggregates, such as vermiculite and perlite. Gypsum plasters have been lightened by using chemical additives to create bubbles that displace solids, also, lightweight polystyrene beads have been mixed into the plasters at the factory in an effort to reduce the density, which generally results in a more effective insulation at a lower cost. The resulting plaster has qualified to the A2 combustibility rating as per DIN4102, fibrous plasters, containing either mineral wool, or ceramic fibres tend to simply entrain more air, thus displacing the heavy fibres. On-site cost reduction efforts, at times purposely contravening the requirements of the certification listing, an alternative method to keep building steel below its softening temperature is to use liquid convection cooling in hollow structural members. This method was patented in the 19th century although the first prominent example was 89 years later, money can be saved fraudulently by using apparently suitable fireproofing that is not built to the required standard. Such fraud can be prevented when documentation is required and checked to ensure that all installed configurations meet the certification standards, possible cases include, Entraining too much air in inorganic systems, thus reducing densities below fire-tested, saving on materials and labour. Spraying inorganic fireproofing materials over through-penetrations and building joints that should be firestopped, substitution of intumescent and/or endothermic fireproofing coatings by less expensive paints of similar appearance, sometimes in the packaging of the correct materials. The American and Canadian nuclear industries have, historically, not insisted on listing and approval use and compliance and this has allowed the use of Thermo-Lag 330-1, for which the basis of testing has been proven to be faulty, requiring millions of dollars of remedial work. The Thermo-Lag scandal came to light as a result of disclosures by American whistleblower Gerald W. Brown, as of 2014 certification of fireproofing and firestopping remained optional for systems installed in nuclear power plants in Canada and the United States. Reuse of older materials from demolished buildings, in newer buildings, spray fireproofing products have not been qualified to the thousands of firestop configurations, so they cannot be installed in conformance of a certification listing. If the structural steel is left without fireproofing, it can damage fire barriers, if the barriers are not firestopped properly, fire and smoke can spread from one compartment to another. Where hydrocarbon transports are permitted in tunnel construction and operations, accidental fires may occur, traffic tunnels are not ordinarily equipped with fire suppression means, such as fire sprinkler systems

5.
Pollution
–
Pollution is the introduction of contaminants into the natural environment that cause adverse change. Pollution can take the form of chemical substances or energy, such as noise, pollutants, the components of pollution, can be either foreign substances/energies or naturally occurring contaminants. Pollution is often classed as point source or nonpoint source pollution, Air pollution has always accompanied civilizations. Pollution started from prehistoric times when man created the first fires, metal forging appears to be a key turning point in the creation of significant air pollution levels outside the home. The burning of coal and wood, and the presence of horses in concentrated areas made the cities the cesspools of pollution. The Industrial Revolution brought an infusion of untreated chemicals and wastes into local streams that served as the water supply, king Edward I of England banned the burning of sea-coal by proclamation in London in 1272, after its smoke became a problem. But the fuel was so common in England that this earliest of names for it was acquired because it could be carted away from some shores by the wheelbarrow and it was the industrial revolution that gave birth to environmental pollution as we know it today. London also recorded one of the extreme cases of water quality problems with the Great Stink on the Thames of 1858. Pollution issues escalated as population growth far exceeded view ability of neighborhoods to handle their waste problem, reformers began to demand sewer systems, and clean water. In 1870, the conditions in Berlin were among the worst in Europe. There were no toilets in the streets or squares. Visitors, especially women, often became desperate when nature called, in the public buildings the sanitary facilities were unbelievably primitive. As a metropolis, Berlin did not emerge from a state of barbarism into civilization until after 1870. Chicago and Cincinnati were the first two American cities to enact laws ensuring cleaner air in 1881, as historian Martin Melosi notes, The generation that first saw automobiles replacing the horses saw cars as miracles of cleanliness. By the 1940s, however, automobile-caused smog was an issue in Los Angeles. Other cities followed around the country early in the 20th century. Extreme smog events were experienced by the cities of Los Angeles and Donora, Pennsylvania in the late 1940s, Air pollution would continue to be a problem in England, especially later during the industrial revolution, and extending into the recent past with the Great Smog of 1952. Awareness of atmospheric pollution spread widely after World War II, with fears triggered by reports of fallout from atomic warfare. Then a non-nuclear event, The Great Smog of 1952 in London and this prompted some of the first major modern environmental legislation, The Clean Air Act of 1956

6.
Market (economics)
–
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers and it can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society, Markets allow any trade-able item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights of services, Markets can also be worldwide, for example the global diamond trade. National economies can be classified, for example as developed markets or developing markets, in mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services, with or without money, is a transaction, a major topic of debate is how much a given market can be considered to be a free market, that is free from government intervention. However it is not always clear how the allocation of resources can be improved since there is always the possibility of government failure, a market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers and it can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enables the distribution and allocation of resources in a society, Markets allow any trade-able item to be evaluated and priced. A market sometimes emerges more or less spontaneously but is often constructed deliberately by human interaction in order to enable the exchange of rights of services. Markets of varying types can spontaneously arise whenever a party has interest in a good or service that other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a playground, and yet another for contracts for the future delivery of a commodity. Markets vary in form, scale, location, and types of participants, as well as the types of goods and services traded, nevertheless, violence and they apply the market dynamics to facilitate information aggregation. However, market prices may be distorted by a seller or sellers with monopoly power, such price distortions can have an adverse effect on market participants welfare and reduce the efficiency of market outcomes. Also, the level of organization and negotiating power of buyers and sellers markedly affects the functioning of the market. Markets are a system, and systems have structure, the structure of a well-functioning market is defined by the theory of perfect competition. Market failures are often associated with time-inconsistent preferences, information asymmetries, non-perfectly competitive markets, principal–agent problems, externalities, among the major negative externalities which can occur as a side effect of production and market exchange, are air pollution and environmental degradation. There exists a popular thought, especially among economists, that markets would have a structure of a perfect competition

7.
Social cost
–
Social cost in economics may be distinguished from private cost. Economic theorists model individual decision-making as measurement of costs and benefits, Social cost is also considered to be the private cost plus externalities. Rational choice theory often assumes that individuals consider only the costs they themselves bear when making decisions, with pure private costs, the costs carried by the individuals involved are the only economically meaningful costs. The choice to purchase a glass of lemonade at a stand has little consequence for anyone other than the seller or the buyer. If there is an externality, then social costs will be greater than private costs. Environmental pollution is an example of a social cost that is seldom borne completely by the polluter, if there is a positive externality, then one will have higher social benefits than private benefits. In either case, economists refer to this as market failure because resources will be allocated inefficiently, in the case of negative externalities, private agents will engage in too much of the activity, in the case of positive externalities, they will engage in too little. The ideas of social cost, externalities, and market failure are often used as an argument for government intervention in the form of regulations and they prefer to rely on tradition, community pressure, and dollar voting. Negative externalities lead to an over-production of those goods that have a social cost. As a result, individual entities in the marketplace have no incentive to factor in these externalities, more of this activity is performed than would be if its cost had a true accounting. This can be illustrated with a diagram, profit-maximizing organizations will set output at Qp where marginal private costs is equal to marginal revenue. This will yield a profit shown by the triangular area 0, C, F, but if externalities are present, the attainment of social optimality requires that the full social costs must be considered. The socially optimum level of output is Qs where marginal social costs or referred to as the Marginal Social Damage is equal to marginal revenue, the amount of output, Qp minus Qs, indicates the excess output due to the externality. Profits will decrease also, from 0, C, F to 0, A, F and it is clearly profitable for the firm to pollute, since internalizing the externality hurts profits. The amount of the externality will decrease from C, D to B, A, because the marginal social cost curve is above the marginal private cost curve, this diagram illustrates the case of a negative externality. Kapp proposes to prevent damages ex ante via precautionary regulations that reflect socially determined safety standards, Social Costs Today - Institutional Analyses of the Present Crisis, edited by Paolo Ramazzotti, Pietro Frigato and Wolfram Elsner, Routledge. Social Costs and Public Action in Modern Capitalism, edited by Wolfram Elsner, Pietro Frigato and Paolo Ramazzotti, Routledge

8.
Henry Sidgwick
–
Henry Sidgwick was an English utilitarian philosopher and economist. He was one of the founders and first president of the Society for Psychical Research and his work in economics has also had a lasting influence. He also founded Newnham College in 1875, a constituent college of the University of Cambridge. It was the second Cambridge college to admit women after Girton College, the co-founder of the college was Millicent Garrett Fawcett. He joined the Cambridge Apostles intellectual secret society in 1856 and he was born at Skipton in Yorkshire, where his father, the Reverend W. Sidgwick, was headmaster of the local grammar school, Ermysteds Grammar School. His mother was Mary Sidgwick, née Crofts, Henry himself was educated at Rugby, and at Trinity College, Cambridge. While at Trinity, Sidgwick became a member of the Cambridge Apostles, in 1859, he was senior classic, 33rd wrangler, chancellors medallist and Craven scholar. In the same year, he was elected to a fellowship at Trinity, and soon afterwards, he became a lecturer in classics there, the Sidgwick Site, home to several of the universitys arts and humanities faculties in the university, is named after him. In 1869, he exchanged his lectureship for one in moral philosophy, in the same year, deciding that he could no longer in good conscience declare himself a member of the Church of England, he resigned his fellowship. He retained his lectureship, and in 1881, he was elected an honorary fellow, in 1874 he published The Methods of Ethics, by common consent a major work, which made his reputation outside the university. John Rawls called it the first truly academic work in moral theory, in 1875, he was appointed praelector on moral and political philosophy at Trinity, and in 1883 he was elected Knightbridge Professor of Philosophy. In 1885, the religious test having been removed, his once more elected him to a fellowship on the foundation. Besides his lecturing and literary labours, Sidgwick took a part in the business of the university and in many forms of social. He married Eleanor Mildred Sidgwick, who was a member of the Ladies Dining Society in Cambridge, Bart Schultzs 2005 biography of Sidgwick sought to establish that Sidgwick was a lifelong homosexual, but it is unknown whether he ever consummated his inclinations. According to Schultz, Sidgwick struggled internally throughout his life with issues of hypocrisy and he is buried in Terling All Saints Churchyard, Terling, Essex, with his wife. In July 1895, the medium Eusapia Palladino was invited to England to Frederic William Henry Myerss house in Cambridge for a series of investigations into her mediumship. According to reports by the investigators, Myers and Oliver Lodge and her fraud was so clever, according to Myers, that it must have needed long practice to bring it to its present level of skill. In the Cambridge sittings, the results proved disastrous for her mediumship, during the séances, Palladino was caught cheating to free herself from the physical controls of the experiments

9.
Arthur C. Pigou
–
Arthur Cecil Pigou was an English economist. As a teacher and builder of the school of economics at the University of Cambridge and his work covered various fields of economics, particularly welfare economics, but also included Business cycle theory, unemployment, public finance, index numbers, and measurement of national output. His reputation was affected adversely by influential economic writers who used his work as the basis on which to define their own opposing views and he reluctantly served on several public committees, including the Cunliffe Committee and the 1919 Royal Commission on Income tax. He won a scholarship to Harrow School where he was in Newlands House, the schools economics society is named The Pigou Society in his honour. In 1896 he was admitted to Kings College, Cambridge, as a history scholar where he first read history under Oscar Browning. He won the Chancellors Gold Medal for English Verse in 1899, and the Cobden, Burney, and Adam Smith prizes and he came to economics through the study of philosophy and ethics under the Moral Science Tripos. He studied economics under Alfred Marshall, whom he succeeded as professor of political economy. His first and unsuccessful attempt for a fellowship at Kings was a thesis on Browning as a Religious Teacher, in his early days he lectured on a variety of subjects outside economics. He became a Fellow of Kings College on his attempt in March 1902. He devoted himself to exploring the various departments of economic doctrine and his first work was more philosophical than his later work as he expanded the essay which had won him the Adam Smith prize in 1903 into Principles and Methods of Industrial Peace. In 1908 Pigou was elected Professor of Political Economy at the University of Cambridge in succession to Alfred Marshall and he held the post until 1943. The externality concept remains central to modern economics and particularly to environmental economics. The Pigou Club, named in his honour is an association of modern economists who support the idea of a tax to address the problem of climate change. One of his acts was to provide private financial support for John Maynard Keynes to work on probability theory. Pigou and Keynes had great affection and mutual regard for each other, in a couple of lectures delivered in 1949 he made a more favourable, though still critical evaluation of Keynes work, I should say. That in setting out and developing his fundamental conception, Keynes made an important, original. He later said that he had come with the passage of time to feel that he had failed earlier to appreciate some of the important things that Keynes was trying to say. Keynes, in turn, was critical of Pigou, mentioning Pigou at least 17 times in The General Theory of Employment, Interest and Money

10.
Welfare economics
–
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being at the aggregate level. The field of economics is associated with two fundamental theorems. The first states that certain assumptions, competitive markets produce efficient outcomes. The second states that given further restrictions, any Pareto efficient outcome can be supported as a market equilibrium. Thus a social planner could use a social function to pick the most equitable efficient outcome. Because of welfare economics close ties to social theory, Arrows impossibility theorem is sometimes listed as a third fundamental theorem. Attempting to apply the principles of welfare economics gives rise to the field of public economics, the early Neoclassical approach was developed by Edgeworth, Sidgwick, Marshall, and Pigou. It assumes the following, Utility is cardinal, that is, preferences are exogenously given and stable. Additional consumption provides smaller and smaller increases in utility, all individuals have interpersonally commensurable utility functions. With these assumptions, it is possible to construct a social welfare function simply by summing all the utility functions. Note that such a measure would still be concerned with the distribution of income, in normative terms, such authors were writing in the Benthamite tradition. The New Welfare Economics approach is based on the work of Pareto, Hicks and it explicitly recognizes the differences between the efficiency aspect of the discipline and the distribution aspect and treats them differently. Further, efficiency dispenses with cardinal measures of utility, replacing it with ordinal utility, situations are considered to have distributive efficiency when goods are distributed to the people who can gain the most utility from them. Many economists use Pareto efficiency as their efficiency goal, according to this measure of social welfare, a situation is optimal only if no individuals can be made better off without making someone else worse off. This ideal state of affairs can only come about if four criteria are met and this occurs when no consumer can be made better off without making others worse off. The marginal rate of transformation in production is identical for all products and this occurs when it is impossible to increase the production of any good without reducing the production of other goods. The marginal resource cost is equal to the marginal product for all production processes. This takes place when marginal physical product of a factor must be the same for all firms producing a good, the marginal rates of substitution in consumption are equal to the marginal rates of transformation in production, such as where production processes must match consumer wants

11.
Trespass
–
Trespass is an area of criminal law or tort law broadly divided into three groups, trespass to the person, trespass to chattels and trespass to land. Trespass to the person historically involved six separate trespasses, threats, assault, battery, wounding, mayhem, and maiming. Trespass to chattels, also known as trespass to goods or trespass to property, is defined as an intentional interference with the possession of personal property … proximately caus injury. Trespass to chattel does not require a showing of damages, simply the intermeddling with or use of … the personal property of another gives cause of action for trespass. Since CompuServe Inc. v. Cyber Promotions, various courts have applied the principles of trespass to chattel to resolve cases involving unsolicited bulk e-mail and unauthorized server usage. Trespass to land is today the tort most commonly associated with the term trespass, generally, it is not necessary to prove harm to a possessors legally protected interest, liability for unintentional trespass varies by jurisdiction. Trespass has also treated as a common law offense in some countries. There are three types of trespass, the first of which is trespass to the person, whether intent is a necessary element of trespass to the person varies by jurisdiction. Under English decision, Letang v Cooper, intent is required to sustain a trespass to the cause of action, in the absence of intent. In other jurisdictions, gross negligence is sufficient to sustain a trespass to the person, such as when a defendant negligently operates an automobile, intent is to be presumed from the act itself. Generally, trespass to the person consists of three torts, assault, battery, and false imprisonment, under the statutes of various common law jurisdictions, assault is both a crime and a tort. A person commits tortious assault when he engages in any act of such a nature as to excite an apprehension of battery, in some jurisdictions, there is no requirement that actual physical violence result—simply the threat of unwanted touching of the victim suffices to sustain an assault claim. Consequently, in R v Constanza, the court found a stalkers threats could constitute assault, similarly, silence, given certain conditions, may constitute an assault as well. However, in other jurisdictions, simple threats are insufficient, they must be accompanied by an action or condition to trigger a cause of action, incongruity of a defendants language and action, or of a plaintiffs perception and reality may vitiate an assault claim. In Tuberville v Savage, the defendant reached for his sword and told the plaintiff that f it were not assize-time, in its American counterpart, Commonwealth v. Eyre, the defendant shouted f it were not for your gray hairs, I would tear your heart out. In both cases, the courts held that despite a threatening gesture, the plaintiffs were not in immediate danger, Battery is any intentional and unpermitted contact with the plaintiffs person or anything attached to it and practically identified with it. The elements of common law varies by jurisdiction. Battery torts under Commonwealth precedent are subjected to a four point test to determine liability, is the sequence of events connecting initial conduct and the harmful contact an unbroken series

12.
Ethical
–
Ethics or moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct. The term ethics derives from the Ancient Greek word ἠθικός ethikos, the branch of philosophy axiology comprises the sub-branches of ethics and aesthetics, each concerned with values. As a branch of philosophy, ethics investigates the questions What is the best way for people to live, and What actions are right or wrong in particular circumstances. In practice, ethics seeks to resolve questions of morality by defining concepts such as good and evil, right and wrong, virtue and vice, justice. As a field of enquiry, moral philosophy also is related to the fields of moral psychology, descriptive ethics. Richard William Paul and Linda Elder define ethics as a set of concepts, the Cambridge Dictionary of Philosophy states that the word ethics is commonly used interchangeably with morality. And sometimes it is used narrowly to mean the moral principles of a particular tradition. Paul and Elder state that most people confuse ethics with behaving in accordance with social conventions, religious beliefs, the word ethics in English refers to several things. It can refer to philosophical ethics or moral philosophy—a project that attempts to use reason in order to various kinds of ethical questions. As bioethicist Larry Churchill has written, Ethics, understood as the capacity to think critically about moral values, Ethics can also be used to describe a particular persons own idiosyncratic principles or habits. For example, Joe has strange ethics, the English word ethics is derived from an Ancient Greek word êthikos, which means relating to ones character. The Ancient Greek adjective êthikos is itself derived from another Greek word, meta-ethics asks how we understand, know about, and what we mean when we talk about what is right and what is wrong. An ethical question fixed on some particular practical question—such as, Should I eat this particular piece of chocolate cake. —cannot be a meta-ethical question, a meta-ethical question is abstract and relates to a wide range of more specific practical questions. For example, Is it ever possible to have knowledge of what is right. Meta-ethics has always accompanied philosophical ethics, meta-ethics is also important in G. E. In it he first wrote about what he called the naturalistic fallacy, moore was seen to reject naturalism in ethics, in his Open Question Argument. This made thinkers look again at second order questions about ethics, earlier, the Scottish philosopher David Hume had put forward a similar view on the difference between facts and values. Studies of how we know in ethics divide into cognitivism and non-cognitivism, non-cognitivism is the claim that when we judge something as right or wrong, this is neither true nor false

13.
Political
–
Politics is the process of making decisions applying to all members of each group. More narrowly, it refers to achieving and exercising positions of governance — organized control over a human community, furthermore, politics is the study or practice of the distribution of power and resources within a given community as well as the interrelationship between communities. It is very often said that politics is about power, a political system is a framework which defines acceptable political methods within a given society. History of political thought can be traced back to antiquity, with seminal works such as Platos Republic, Aristotles Politics. Formal Politics refers to the operation of a system of government and publicly defined institutions. Political parties, public policy or discussions about war and foreign affairs would fall under the category of Formal Politics, many people view formal politics as something outside of themselves, but that can still affect their daily lives. Semi-formal Politics is Politics in government associations such as neighborhood associations, informal Politics is understood as forming alliances, exercising power and protecting and advancing particular ideas or goals. Generally, this includes anything affecting ones daily life, such as the way an office or household is managed, informal Politics is typically understood as everyday politics, hence the idea that politics is everywhere. The word comes from the same Greek word from which the title of Aristotles book Politics also derives, the book title was rendered in Early Modern English in the mid-15th century as Polettiques, it became politics in Modern English. The history of politics is reflected in the origin, development, the origin of the state is to be found in the development of the art of warfare. Historically speaking, all communities of the modern type owe their existence to successful warfare. Kings, emperors and other types of monarchs in many countries including China, of the institutions that ruled states, that of kingship stood at the forefront until the French Revolution put an end to the divine right of kings. Nevertheless, the monarchy is among the political institutions, dating as early as 2100 BC in Sumeria to the 21st century AD British Monarchy. Kingship becomes an institution through the institution of Hereditary monarchy, the king often, even in absolute monarchies, ruled his kingdom with the aid of an elite group of advisors, a council without which he could not maintain power. As these advisors and others outside the monarchy negotiated for power, constitutional monarchies emerged, long before the council became a bulwark of democracy, it rendered invaluable aid to the institution of kingship by, Preserving the institution of kingship through heredity. Preserving the traditions of the social order, being able to withstand criticism as an impersonal authority. Being able to manage a greater deal of knowledge and action than an individual such as the king. The greatest of the subordinates, the earls and dukes in England and Scotland

14.
Property right
–
The right to property or right to own property is often classified as a human right for natural persons regarding their possessions. The right to property is one of the most controversial human rights, controversy centres upon who is deemed to have property rights protected, the type of property which is protected, and the reasons for which property can be restricted. In all human rights instruments, either implicit or express restrictions exist on the extent to which property is protected, the European Court of Human Rights has held that the right to property is not absolute and states have a wide degree of discretion to limit the rights. As such the right to property is regarded as a more right than other human rights. States degree of discretion is defined in Handyside v. United Kingdom, the highest economic compensation, following a judgment of the Strasbourg Court on this matter, was given in case Beyeler v. Italy. When the text of the UDHR was negotiated Latin American states argued that the right to property should be limited to the protection of property necessary for subsistence. Their suggestion was opposed, but was enshrined in the American Declaration of the Rights and Duties of Man, the regional human rights instruments of Europe, Africa and the Americas recognise the right to protection of property to varying degrees. The American Convention on Human Rights recognises the right to protection of property, the ACHR also prohibits usury and other exploitation, which is unique amongst human rights instruments. Article 21 also provides that in case of spoliation the dispossessed people shall have the right to the recovery of its property as well as to adequate compensation. Property rights are enshrined in the Convention relating to the Status of Refugees. These international human rights instruments for minorities do not establish a right to property. The right to property was a crucial demand in early quests for political freedom and equality. Because not everybody is a property owner, the right to work was enshrined to allow everybody to attain a standard of living. The protection of property may come into conflict with economic, social and cultural rights and civil and political rights. To mitigate this the right to property is limited to protect the public interest. Many states also maintain systems of communal and collective ownership, property rights have frequently been regarded as preventing the realisation of human rights for all, through for example slavery and the exploitation of others. Unequal distribution of wealth often follows line of sex, race and minorities, therefore property rights may appear to be part of the problem, in Europe the notion of private property and property rights emerged in the Renaissance as international trade by merchants gave rise to mercantilist ideas. In 16th Century Europe Lutheranism and the Protestant Reformation advanced property rights using biblical terminology, Protestant work ethic and views on mans destiny came to underline social view in emerging capitalist economies in Early modern Europe

15.
Friedrich Hayek
–
Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his pioneering work in the theory of money and economic fluctuations and. Penetrating analysis of the interdependence of economic, social and institutional phenomena, Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war drew him to his career. Hayek lived in Austria, Great Britain, the United States and he spent most of his academic life at the London School of Economics, the University of Chicago, and the University of Freiburg. In 1984, he was appointed a member of the Order of the Companions of Honour by Queen Elizabeth II on the advice of Prime Minister Margaret Thatcher for his services to the study of economics and he was the first recipient of the Hanns Martin Schleyer Prize in 1984. He also received the US Presidential Medal of Freedom in 1991 from President George H. W. Bush, in 2011, his article The Use of Knowledge in Society was selected as one of the top 20 articles published in The American Economic Review during its first 100 years. Friedrich August von Hayek was born in Vienna to August von Hayek, Friedrichs father, from whom he received his middle name, was also born in Vienna in 1871. He was a doctor employed by the municipal ministry of health, with passion in botany. August von Hayek was also a part-time botany lecturer at the University of Vienna, Friedrichs mother was born in 1875 to a wealthy, conservative, land-owning family. Hayek was the oldest of three brothers, Heinrich and Erich, who were one-and-a-half and five years younger than him and his fathers career as a university professor influenced Friedrichs goals later in life. Both of his grandfathers, who lived long enough for Friedrich to know them, were scholars, franz von Juraschek was a leading economist in Austria-Hungary and a close friend of Eugen Böhm von Bawerk, one of the founders of the Austrian School of Economics. Von Juraschek was a statistician and was employed by the Austrian government. Friedrichs paternal grandfather, Gustav Edler von Hayek, taught natural sciences at the Imperial Realobergymnasium in Vienna and he wrote systematic works in biology, some of which are relatively well known. On his mothers side, Hayek was second cousin to the philosopher Ludwig Wittgenstein and his mother often played with Wittgensteins sisters, and had known Ludwig well. As a result of their relationship, Hayek became one of the first to read Wittgensteins Tractatus Logico-Philosophicus when the book was published in its original German edition in 1921. Although Hayek met Wittgenstein on only a few occasions, Hayek said that Wittgensteins philosophy and methods of analysis had a influence on his own life. In his later years, Hayek recalled a discussion of philosophy with Wittgenstein, after Wittgensteins death, Hayek had intended to write a biography of Wittgenstein and worked on collecting family materials, and he later assisted biographers of Wittgenstein. Hayek displayed an intellectual and academic bent from a young age. He read fluently and frequently going to school

16.
Milton Friedman
–
Friedmans challenges to what he later called naive Keynesian theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies and he theorized that there existed a natural rate of unemployment, and argued that employment above this rate would cause inflation to accelerate. He argued that the Phillips curve was, in the run, vertical at the natural rate. Friedman promoted an alternative macroeconomic viewpoint known as monetarism, and argued that a steady and his ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserves response to the financial crisis of 2007–08. Friedman was an advisor to Republican U. S. President Ronald Reagan and his political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U. S. conscription was his proudest accomplishment and his support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice. His books and essays have had influence, including in former communist states. Friedman was born in Brooklyn, New York on July 31,1912 and his parents, Sára Ethel and Jenő Saul Friedman, were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary. They both worked as dry goods merchants, shortly after Miltons birth, the family relocated to Rahway, New Jersey. In his early teens, Friedman was injured in a car accident, a talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday. In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics, during his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression. After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago, Friedman chose the latter, thus earning a Master of Arts degree in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and it was at Chicago that Friedman met his future wife, economist Rose Director. During the 1933–1934 academic year he had a fellowship at Columbia University and he was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, who was then working on Theory and Measurement of Demand. That year, Friedman formed what would prove to be lifelong friendships with George Stigler, foreshadowing his later ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued. During 1935, he work for the National Resources Committee. Ideas from this later became a part of his Theory of the Consumption Function

17.
Ludwig von Mises
–
Ludwig Heinrich Edler von Mises was a theoretical Austrian School economist. Mises wrote and lectured extensively on behalf of classical liberalism and he is best known for his work on praxeology, a study of human choice and action. Mises emigrated from Austria to the United States in 1940, since the mid-20th century, the libertarian movement in the United States has been strongly influenced by Misess writings. Misess student, Friedrich Hayek, viewed Mises as one of the figures in the revival of liberalism in the post-war era. Hayeks work, The Transmission of the Ideals of Freedom pays high tribute to the influence of Mises in the twentieth century liberal movement, Misess Austrian School was a leading group of economists. Many of its alumni, including Hayek and Oskar Morgenstern, emigrated from Austria to the United States, Mises has been described as having approximately seventy close students in Austria, and the Austrians as the insiders of the Chicago School of economics. The Ludwig von Mises Institute was founded in the United States to continue his teachings, Ludwig von Mises was born to Jewish parents in the city of Lemberg, in Galicia, Austria-Hungary. The family of his father Arthur Edler von Mises had been elevated to the Austrian nobility in the 19th century, ludwigs mother, Adele, was a niece of Dr. Joachim Landau, a Liberal Party deputy to the Austrian Parliament. Arthur von Mises was stationed in Lemberg as an engineer with the Czernowitz railway company. By the age of twelve, Ludwig spoke fluent German, Polish and French, read Latin, Mises had a younger brother, Richard von Mises, who became a mathematician and a member of the Vienna Circle, and a probability theorist. When Ludwig and Richard were still children, their family moved back to Vienna, in 1900, Ludwig Von Mises attended the University of Vienna, becoming influenced by the works of Carl Menger. Three years later, Mises was awarded his doctorate from the school of law in 1906, in the years from 1904 to 1914, Mises attended lectures given by Austrian economist Eugen von Böhm-Bawerk. He graduated in February 1906 and started a career as a servant in Austrias financial administration. After a few months, he left to take a position in a Vienna law firm. During that time, Mises began lecturing on economics, and in early 1909, he joined the Vienna Chamber of Commerce, during World War I, Mises served as a front officer in the Austro-Hungarian artillery and as an economic adviser to the War Department. Mises was chief economist for the Austrian Chamber of Commerce and was an adviser of Engelbert Dollfuss. Later he was adviser to Otto von Habsburg, the Christian democratic politician. In 1934, Mises left Austria for Geneva, Switzerland, where he was a professor at the Graduate Institute of International Studies until 1940, while in Switzerland, Mises married Margit Herzfeld Serény, a former actress and widow of Ferdinand Serény

18.
Light pollution
–
Light pollution, also known as photopollution, is excessive, misdirected or obtrusive artificial light. As a major side-effect of urbanization, it is blamed for compromising health, disrupting ecosystems, Light pollution is the adding-of/added light itself, in analogy to added sound, carbon dioxide, etc. Adverse consequences are multiple, some of them may not be known yet, scientific definitions thus include the following, The degradation of photic habitat by artificial light. The alteration of light levels in the outdoor environment owing to artificial light sources. The alteration of light levels in the environment due to man-made sources of light. Indoor light pollution is such alteration of light levels in the environment due to sources of light. The introduction by humans, directly or indirectly, of light into the environment. The first three of the four scientific definitions describe the state of the environment. The fourth one describes the process of polluting by light, Light pollution is a side effect of industrial civilization. Its sources include building exterior and interior lighting, advertising, commercial properties, offices, factories, streetlights, since the early 1980s, a global dark-sky movement has emerged, with concerned people campaigning to reduce the amount of light pollution. The International Dark-Sky Association is one non-profit advocacy group involved in this movement, several industry groups also recognize light pollution as an important issue. For example, the Institution of Lighting Engineers in the United Kingdom provides its members with information about light pollution, the problems it causes, and how to reduce its impact. Since not everyone is irritated by the same lighting sources, it is common for one persons light pollution to be light that is desirable for another. One example of this is found in advertising, when an advertiser wishes for particular lights to be bright and visible, other types of light pollution are more certain. For instance, light that crosses a property boundary and annoys a neighbor is generally wasted. Where objective measurement is desired, light levels can be quantified by field measurement or mathematical modeling, authorities have also taken a variety of measures for dealing with light pollution, depending on the interests, beliefs and understandings of the society involved. Measures range from doing nothing at all, to implementing strict laws, Light pollution is a broad term that refers to multiple problems, all of which are caused by inefficient, unappealing, or unnecessary use of artificial light. Specific categories of light pollution include light trespass, over-illumination, glare, light clutter, a single offending light source often falls into more than one of these categories

19.
Barry Commoner
–
Barry Commoner was an American biologist, college professor, and politician. He was a leading ecologist and among the founders of the environmental movement. He ran for president of the United States in the 1980 U. S. presidential election on the Citizens Party ticket and he served as editor of Science Illustrated magazine. Commoner was born in Brooklyn, New York, on May 28,1917 and he received his bachelors degree in zoology from Columbia University in 1937 and his masters and doctoral degrees from Harvard University in 1938 and 1941, respectively. After serving as a lieutenant in the United States Navy during World War II, Commoner moved to St. Louis, Missouri, where he became a professor of plant physiology at Washington University. He taught there for 34 years and during this period, in 1966, Commoner was on the founding Editorial Board of the Journal of Theoretical Biology in 1961. In 1958, he helped found the Greater St. Louis Committee on Nuclear Information, shortly thereafter, he established Nuclear Information, a mimeographed newsletter published in his office, which later went on to become Environment magazine. Commoner went on to several books about the negative ecological effects of atmospheric nuclear testing. In 1970 he received the International Humanist Award from the International Humanist, in his 1971 bestselling book The Closing Circle, Commoner suggested that the American economy should be restructured to conform to the unbending laws of ecology. For example, he argued that polluting products should be replaced with natural products and this book was one of the first to bring the idea of sustainability to a mass audience. He had a debate with Paul R. He believed that technological, and above all social development would lead to a decrease in both population growth and environmental damage. One of Commoners lasting legacies is his four laws of ecology, the four laws are, Everything is connected to everything else. There is one ecosphere for all living organisms and what affects one, There is no waste in nature and there is no away to which things can be thrown. Humankind has fashioned technology to improve upon nature, but such change in a system is, says Commoner. Exploitation of nature will inevitably involve the conversion of resources from useful to useless forms, Commoner examined the relationship between poverty and population growth, disagreeing with the way that relationship is often formulated. Commoners writing continues to attribute the fact that countries are still “forgotten” to colonialism. These developing countries were and economically remain “colonies of more developed countries”, “As the wealth of the exploited nations was diverted to the more powerful ones, their power, and with it their capacity to exploit increased

20.
Environmental economics
–
Environmental economics is a sub-field of economics that is concerned with environmental issues. Particular issues include the costs and benefits of alternative policies to deal with air pollution, water quality, toxic substances, solid waste. Environmental economics is distinguished from ecological economics in that ecological economics emphasizes the economy as a subsystem of the ecosystem with its focus upon preserving natural capital, central to environmental economics is the concept of market failure. Market failure means that markets fail to allocate resources efficiently, as stated by Hanley, Shogren, and White in their textbook Environmental Economics, A market failure occurs when the market does not allocate scarce resources to generate the greatest social welfare. A wedge exists between what a person does given market prices and what society might want him or her to do to protect the environment. Such a wedge implies wastefulness or economic inefficiency, resources can be reallocated to make at least one person better off without making anyone worse off. Common forms of failure include externalities, non-excludability and non-rivalry. An externality exists when a person makes a choice that affects people in a way that is not accounted for in the market price. An externality can be positive or negative, but is associated with negative externalities in environmental economics. For instance, water seepage in residential buildings happen in upper floor affect the lower floor, or a firm emitting pollution will typically not take into account the costs that its pollution imposes on others. As a result, pollution may occur in excess of the efficient level. When it is too costly to some people from access to an environmental resource. In either case of non-exclusion, market allocation is likely to be inefficient and these challenges have long been recognized. Hardins concept of the tragedy of the commons popularized the challenges involved in non-exclusion and common property, the basic problem is that if people ignore the scarcity value of the commons, they can end up expending too much effort, over harvesting a resource. Hardin theorizes that in the absence of restrictions, users of a resource will use it more than if they had to pay for it and had exclusive rights. See, however, Ostroms work on how people using real common property resources have worked to establish self-governing rules to reduce the risk of the tragedy of the commons. The mitigation of climate change effects is an example of a public good and this is a public good since the risks of climate change are both non-rival and non-excludable. Such efforts are non-rival since climate mitigation provided to one does not reduce the level of mitigation that anyone else enjoys and they are non-excludable actions as they will have global consequences from which no one can be excluded

21.
Anthropogenic climate change
–
Global warming and climate change are terms for the observed century-scale rise in the average temperature of the Earths climate system and its related effects. Multiple lines of evidence show that the climate system is warming. The largest human influence has been emission of gases such as carbon dioxide, methane. These findings have been recognized by the science academies of the major industrialized nations and are not disputed by any scientific body of national or international standing. Future climate change and associated impacts will differ from region to region around the globe, anticipated effects include warming global temperature, rising sea levels, changing precipitation, and expansion of deserts in the subtropics. Warming is expected to be greater over land than over the oceans and greatest in the Arctic, with the retreat of glaciers, permafrost. Effects significant to humans include the threat to security from decreasing crop yields. Possible societal responses to global warming include mitigation by emissions reduction, adaptation to its effects, building systems resilient to its effects, most countries are parties to the United Nations Framework Convention on Climate Change, whose ultimate objective is to prevent dangerous anthropogenic climate change. Public reactions to global warming and concern about its effects are also increasing, a global 2015 Pew Research Center report showed a median of 54% consider it a very serious problem. There are significant regional differences, with Americans and Chinese among the least concerned, the global average surface temperature shows a warming of 0.85 °C in the period 1880 to 2012, based on multiple independently produced datasets. Earths average surface temperature rose by 0. 74±0.18 °C over the period 1906–2005, the rate of warming almost doubled for the last half of that period. The rest has melted ice and warmed the continents and atmosphere, the average temperature of the lower troposphere has increased between 0.12 and 0.135 °C per decade since 1979, according to satellite temperature measurements. The warming that is evident in the temperature record is consistent with a wide range of observations. The probability that these changes could have occurred by chance is virtually zero, temperature changes vary over the globe. Since 1979, land temperatures have increased about twice as fast as ocean temperatures, ocean temperatures increase more slowly than land temperatures because of the larger effective heat capacity of the oceans and because the ocean loses more heat by evaporation. Since the beginning of industrialisation the temperature difference between the hemispheres has increased due to melting of sea ice and snow in the North. Average arctic temperatures have been increasing at almost twice the rate of the rest of the world in the past 100 years, the thermal inertia of the oceans and slow responses of other indirect effects mean that climate can take centuries or longer to adjust to changes in forcing. Some of this warming will be driven by past natural forcings which are still seeking equilibrium in the climate system

22.
Greenhouse gas
–
A greenhouse gas is a gas in an atmosphere that absorbs and emits radiation within the thermal infrared range. This process is the cause of the greenhouse effect. The primary greenhouse gases in Earths atmosphere are water vapor, carbon dioxide, methane, nitrous oxide, without greenhouse gases, the average temperature of Earths surface would be about −18 °C, rather than the present average of 15 °C. In the Solar System, the atmospheres of Venus, Mars, human activities since the beginning of the Industrial Revolution have produced a 40% increase in the atmospheric concentration of carbon dioxide, from 280 ppm in 1750 to 400 ppm in 2015. This increase has occurred despite the uptake of a portion of the emissions by various natural sinks involved in the carbon cycle. Anthropogenic carbon dioxide emissions come from combustion of fuels, principally coal, oil. Greenhouse gases are those that absorb and emit infrared radiation in the range emitted by Earth. The proportion of an emission remaining in the atmosphere after a time is the airborne fraction. The annual airborne fraction is the ratio of the increase in a given year to that years total emissions. Over the last 50 years the annual airborne fraction for CO2 has been increasing at 0.25 ±0. 21%/year, therefore, they do not contribute significantly to the greenhouse effect and usually are omitted when discussing greenhouse gases. Some gases have indirect radiative effects and this happens in two main ways. One way is that when they break down in the atmosphere they produce another greenhouse gas, for example, methane and carbon monoxide are oxidized to give carbon dioxide. Oxidation of CO to CO2 directly produces an increase in radiative forcing although the reason is subtle. The peak of the thermal IR emission from Earths surface is close to a strong vibrational absorption band of CO2. On the other hand, the single CO vibrational band only absorbs IR at much higher frequencies, where the ~300 K thermal emission of the surface is at least a factor of ten lower. Oxidation of methane to CO2, which requires reactions with the OH radical, produces a reduction, since CO2 is a weaker greenhouse gas than methane. As described below this is not the story, since the oxidations of CO. In any case, the calculation of the radiative effect needs to include both the direct and indirect forcing

23.
Stern Review
–
The report discusses the effect of global warming on the world economy. Although not the first economic report on climate change, it is significant as the largest and most widely known, the Review states that climate change is the greatest and widest-ranging market failure ever seen, presenting a unique challenge for economics. The Review provides prescriptions including environmental taxes to minimise the economic, the Stern Reviews main conclusion is that the benefits of strong, early action on climate change far outweigh the costs of not acting. The Review points to the impacts of climate change on water resources, food production, health. According to the Review, without action, the costs of climate change will be equivalent to losing at least 5% of global gross domestic product each year, now. Including a wider range of risks and impacts could increase this to 20% of GDP or more, Stern believes that 5–6 degrees of temperature increase is a real possibility. The Review proposes that one percent of global GDP per annum is required to be invested to avoid the worst effects of climate change. In June 2008, Stern increased the estimate for the annual cost of achieving stabilisation between 500 and 550 ppm CO2e to 2% of GDP to account for faster than expected climate change, there has been a mixed reaction to the Stern Review from economists. Several economists have been critical of the Review, for example, some economists have supported the Review. Others have criticised aspects of Reviews analysis, but argued that some of its conclusions might still be justified based on grounds, e. g. see papers by Martin Weitzman. The executive summary states, The benefits of strong, early action on climate change outweigh the costs, the scientific evidence points to increasing risks of serious, irreversible impacts from climate change associated with business-as-usual paths for emissions. Climate change threatens the basic elements of life for people around the world – access to water, food production, health, and use of land, the impacts of climate change are not evenly distributed – the poorest countries and people will suffer earliest and most. And if and when the damages appear it will be too late to reverse the process, thus we are forced to look a long way ahead. Integrated assessment modelling provides a tool for estimating the impact on the economy. Emissions have been, and continue to be, driven by growth, yet stabilisation of greenhouse gas concentration in the atmosphere is feasible. Central estimates of the costs of achieving stabilisation between 500 and 550ppm CO2e are around 1% of global GDP, if we start to take strong action now. It would already be very difficult and costly to aim to stabilise at 450ppm CO2e, if we delay, the opportunity to stabilise at 500-550ppm CO2e may slip away. The transition to an economy will bring challenges for competitiveness

24.
Water pollution
–
Water pollution is the contamination of water bodies. This form of environmental degradation occurs when pollutants are directly or indirectly discharged into water bodies without adequate treatment to remove harmful compounds, Water pollution affects the entire biosphere – plants and organisms living in these bodies of water. In almost all cases the effect is damaging not only to individual species and population, Water pollution is a major global problem which requires ongoing evaluation and revision of water resource policy at all levels. It has been suggested that pollution is the leading worldwide cause of deaths and diseases. An estimated 580 people in India die of water related illness every day. About 90 percent of the water in the cities of China is polluted, as of 2007, half a billion Chinese had no access to safe drinking water. In addition to the problems of water pollution in developing countries. The head of Chinas national development agency said in 2007 that one quarter the length of Chinas seven main rivers were so poisoned the water harmed the skin. Natural phenomena such as volcanoes, algae blooms, storms, and earthquakes also cause changes in water quality. Although interrelated, surface water and groundwater have often studied and managed as separate resources. Surface water seeps through the soil and becomes groundwater, conversely, groundwater can also feed surface water sources. Sources of surface water pollution are generally grouped into two based on their origin. Point source water pollution refers to contaminants that enter a waterway from a single, identifiable source, examples of sources in this category include discharges from a sewage treatment plant, a factory, or a city storm drain. The U. S. Clean Water Act defines point source for regulatory enforcement purposes, the CWA definition of point source was amended in 1987 to include municipal storm sewer systems, as well as industrial storm water, such as from construction sites. Nonpoint source pollution refers to contamination that does not originate from a single discrete source. NPS pollution is often the cumulative effect of small amounts of contaminants gathered from a large area, a common example is the leaching out of nitrogen compounds from fertilized agricultural lands. Nutrient runoff in storm water from sheet flow over a field or a forest are also cited as examples of NPS pollution. Contaminated storm water washed off of parking lots, roads and highways, however, because this runoff is typically channeled into storm drain systems and discharged through pipes to local surface waters, it becomes a point source

25.
Noise pollution
–
Noise pollution or noise disturbance is the disturbing or excessive noise that may harm the activity or balance of human or animal life. The source of most outdoor noise worldwide is caused by machines and transportation systems, motor vehicles, aircraft. Outdoor noise is summarized by the environmental noise. Poor urban planning may give rise to noise pollution, since side-by-side industrial and residential buildings can result in noise pollution in the residential areas, documented problems associated with urban noise go back as far as Ancient Rome. Outdoor noise can be caused by machines, construction activities, and music performances, noise-induced hearing loss can be caused by outside or inside noise. High noise levels can contribute to cardiovascular effects in humans and an incidence of coronary artery disease. In animals, noise can increase the risk of death by altering predator or prey detection and avoidance, interfere with reproduction and navigation, Noise pollution affects both health and behavior. Unwanted sound can damage psychological health, Noise pollution can cause hypertension, high stress levels, tinnitus, hearing loss, sleep disturbances, and other harmful effects. Sound becomes unwanted when it interferes with normal activities such as sleeping, conversation. Chronic exposure to noise may cause noise-induced hearing loss, less addressed is how humans adapt to noise subjectively. Indeed, tolerance for noise is frequently independent of decibel levels, however, Murray Schafers soundscape research was groundbreaking in this regard. In his eponymous work, he makes compelling arguments about how humans relate to noise on a subjective level, other key research in this area can be seen in Fongs comparative analysis of soundscape differences between Bangkok, Thailand and Los Angeles, California, US. Acoustic overexposure can lead to temporary or permanent loss of hearing, an impact of noise on wild animal life is the reduction of usable habitat that noisy areas may cause, which in the case of endangered species may be part of the path to extinction. Noise pollution may have caused the death of species of whales that beached themselves after being exposed to the loud sound of military sonar. Noise also makes species communicate more loudly, which is called Lombard vocal response, scientists and researchers have conducted experiments that show whales song length is longer when submarine-detectors are on. If creatures do not speak loudly enough, their voice will be masked by anthropogenic sounds and these unheard voices might be warnings, finding of prey, or preparations of net-bubbling. When one species begins speaking more loudly, it will mask other species voice, marine invertebrates, such as crabs, have also been shown to be negatively affected by ship noise. Larger crabs were noted to be affected more by the sounds than smaller crabs

26.
Systemic risk
–
It can be defined as financial system instability, potentially catastrophic, caused or exacerbated by idiosyncratic events or conditions in financial intermediaries. It is also sometimes referred to as systematic risk. Systemic risk has been associated with a run which has a cascading effect on other banks which are owed money by the first bank in trouble. These interlinkages and the clustering of bank runs are the issues which policy makers consider when addressing the issue of protecting a system against systemic risk. In simple English, this means that companies are viewed as too big. Policy makers frequently claim that they are concerned about protecting the resiliency of the system and this kind of risk can be mitigated by hedging an investment by entering into a mirror trade. Such insurance, however, is not effective for the insured entity, one argument that was used by financial institutions to obtain special advantages in bankruptcy for derivative contracts was a claim that the market is both critical and fragile. Systemic risk can also be defined as the likelihood and degree of negative consequences to the larger body, according to the Property Casualty Insurers Association of America, there are two key assessments for measuring systemic risk, the too big to fail and the too interconnected to fail tests. First, the TBTF test is the analysis for assessing the risk of required government intervention. Second, the TICTF test is a measure of the likelihood, the impact is measure beyond the institutions products and activities to include the economic multiplier of all other commercial activities dependent specifically on that institution. The impact is dependent on how correlated an institutions business is with other systemic risks. Too Big To Fail, The traditional analysis for assessing the risk of required government intervention is the Too Big to Fail Test, during the recent financial crisis, the collapse of the American International Group posed a significant systemic risk to the financial system. There are arguably either no or extremely few insurers that are TBTF in the U. S. marketplace, Too Interconnected to Fail, A more useful systemic risk measure than a traditional TBTF test is a Too Interconnected to Fail assessment. An intuitive TICTF analysis has been at the heart of most recent federal financial emergency relief decisions, TICTF is a measure of the likelihood and amount of medium-term net negative impact to the larger economy of an institutions failure to be able to conduct its ongoing business. The impact is measured not just on the products and activities. It is also dependent on how correlated an institutions business is with other systemic risk, a financial institution represents a systemic risk if it becomes undercapitalized when the financial system as a whole is undercapitalized. In a single risk factor model, Brownlees and Engle, build a risk measure named SRISK. SRISK can be interpreted as the amount of capital that needs to be injected into a firm as to restore a certain form of minimal capital requirement

27.
Factory farming
–
The main products of this industry are meat, milk and eggs for human consumption. There are issues regarding whether factory farming is sustainable and ethical, there are differences in the way factory farming techniques are practiced around the world. There is a debate over the benefits, risks and ethical questions of factory farming. The issues include the efficiency of production, animal welfare, whether it is essential for feeding the growing global population. The practice of animal agriculture is a relatively recent development in the history of agriculture. Innovations in agriculture beginning in the late 19th century generally parallel developments in production in other industries that characterized the latter part of the Industrial Revolution. The discovery of vitamins and their role in nutrition, in the first two decades of the 20th century, led to vitamin supplements, which allowed chickens to be raised indoors. The discovery of antibiotics and vaccines facilitated raising livestock in larger numbers by reducing disease, chemicals developed for use in World War II gave rise to synthetic pesticides. Developments in shipping networks and technology have made distribution of agricultural produce feasible. Agricultural production across the world doubled four times between 1820 and 1975 to feed a population of one billion human beings in 1800 and 6.5 billion in 2002. During the same period, the number of involved in farming dropped as the process became more automated. The United Nations writes that intensification of production was seen as a way of providing food security. In 1966, the United States, United Kingdom and other industrialized nations, commenced factory farming of beef and dairy cattle, in 1990 factory farming accounted for 30% of world meat production and by 2005 this had risen to 40%. Factory farms hold large numbers of animals, typically cows, pigs, turkeys, or chickens, often indoors, the aim of the operation is to produce large quantities of meat, eggs, or milk at the lowest possible cost. Physical restraints, e. g. fences or creeps, are used to control movement or actions regarded as undesirable, breeding programs are used to produce animals more suited to the confined conditions and able to provide a consistent food product. Intensive production of livestock and poultry is widespread in developed nations, Industrial production was estimated to account for 39 percent of the sum of global production of these meats and 50 percent of total egg production. In the U. S. according to its National Pork Producers Council,80 million of its 95 million pigs slaughtered each year are reared in industrial settings, in the United States, chickens were raised primarily on family farms until 1965. Originally, the value in poultry was eggs, and meat was considered a byproduct of egg production

28.
Overuse of antibiotic
–
Antibiotic misuse, sometimes called antibiotic abuse or antibiotic overuse, refers to the misuse or overuse of antibiotics, with potentially serious effects on health. Common situations in which antibiotics are overused include the following, Apparent viral respiratory illness in children should not be treated with antibiotics, if there is a diagnosis of bacterial infection, then antibiotics may be used. Swimmers ear should be treated with antibiotic eardrops, not oral antibiotics, viral conjunctivitis should not be treated with antibiotics. Antibiotics should only be used with confirmation that a patient has bacterial conjunctivitis, eczema should not be treated with oral antibiotics. Dry skin can be treated with lotions or other symptom treatments, the use of topical antibiotics to treat surgical wounds does not reduce infection rates in comparison with non-antibiotic ointment or no ointment at all. Antibiotics can cause severe reactions and add significantly to the cost of care, in the United States, antibiotics and anti-infectives are the leading cause of adverse effect from drugs. In a study of 32 States in 2011, antibiotics and anti-infectives accounted for nearly 24 percent of ADEs that were present on admission, prescribing by an infectious disease specialist compared with prescribing by a non-infectious disease specialist decreases antibiotic consumption and reduces costs. Though antibiotics are required to treat bacterial infections, misuse has contributed to a rise in bacterial resistance. The overuse of fluoroquinolone and other antibiotics fuels antibiotic resistance in bacteria and their excessive use in children with otitis media has given rise to a breed of bacteria resistant to antibiotics entirely. Antibiotics have no effect on viral infections such as the common cold and they are also ineffective against sore throats, which are usually viral and self-resolving. Most cases of bronchitis are viral as well, passing after a few weeks—the use of antibiotics against bronchitis is superfluous, official guidelines by the American Heart Association for dental antibiotic prophylaxis call for the administration of antibiotics to prevent infective endocarditis. Though the current guidelines dictate more restricted use, many dentists and dental patients follow the 1997 guidelines instead. A study by Imperial College London in February 2017 found that of 20 online websites 9 would provide antibiotics without a prescription to UK residents, there has been massive use of antibiotics in animal husbandry. The most abundant use of antimicrobials worldwide are in livestock, they are distributed in animal feed or water for purposes such as disease prevention. Debates have arisen surrounding the extent of the impact of antibiotics, particularly antimicrobial growth promoters. Although some sources believe that there remains a lack of knowledge on which antibiotic use generates the most risk to humans, policies and regulations have been placed to limit any harmful effects. Alliance for the Prudent Use of Antibiotics Natural growth promoter Blaser, Martin J. Missing microbes, get Smart, Know When Antibiotics Work, provided by the Centers for Disease Control and Prevention Antibiotics, Misuse puts you and others at risk provided by the Mayo Clinic

29.
Overfishing
–
Overfishing is a form of overexploitation where fish stocks are reduced to below acceptable levels. Overfishing can occur in bodies of any sizes, such as ponds, rivers, lakes or oceans. Sustained overfishing can lead to critical depensation, where the population is no longer able to sustain itself. Some forms of overfishing, for example the overfishing of sharks, has led to the upset of entire marine ecosystems, the ability of a fishery to recover from overfishing depends on whether the ecosystems conditions are suitable for the recovery. For example, once trout have been overfished, carp might take over in a way makes it impossible for the trout to re-establish a breeding population. Overfishing occurs when fish are caught than the population can replace through natural reproduction. Gathering as many fish as possible may seem like a profitable practice, the results not only affect the balance of life in the oceans, but also the social and economic well-being of the coastal communities who depend on fish for their way of life. Overfishing has significantly affected many fisheries around the world, as much as 85% of the worlds fisheries may be over-exploited, depleted, fully exploited or in recovery from exploitation. Significant overfishing has been observed in pre-industrial times, in particular, the overfishing of the western Atlantic Ocean from the earliest days of European colonisation of the Americas has been well documented. Following World War Two, industrial fishing rapidly expanded with rapid increases in worldwide fishing catches, however, many fisheries have either collapsed or degraded to a point where increased catches are no longer possible. Daniel Pauly, a fisheries scientist known for pioneering work on the impacts on global fisheries, has commented. We are gradually winning this war to exterminate them, and to see this destruction happen, for nothing really – for no reason – that is a bit frustrating. Examples of overfishing exist in such as the North Sea, the Grand Banks of Newfoundland. In these locations, overfishing has not only proved disastrous to fish stocks, the Peruvian coastal anchovy fisheries crashed in the 1970s after overfishing and an El Niño season largely depleted anchovies from its waters. Anchovies were a natural resource in Peru, indeed,1971 alone yielded 10.2 million metric tons of anchovies. However, the five years saw the Peruvian fleets catch amount to only about 4 million tons. This was a loss to Perus economy. The collapse of the cod fishery off Newfoundland, and the 1992 decision by Canada to impose a moratorium on the Grand Banks, is a dramatic example of the consequences of overfishing

30.
Common Property Resource
–
Unlike pure public goods, common pool resources face problems of congestion or overuse, because they are subtractable. A common-pool resource typically consists of a resource, which defines the stock variable, while providing a limited quantity of extractable fringe units. While the core resource is to be protected or nurtured in order to allow for its continuous exploitation, a common property system is a particular social arrangement regulating the preservation, maintenance, and consumption of a common-pool resource. The use of the common property resource to designate a type of good has been criticized. Examples of common-pool resources include irrigation systems, fishing grounds, pastures, forests, a pasture, for instance, allows for a certain amount of grazing to occur each year without the core resource being harmed. In the case of excessive grazing, however, the pasture may become more prone to erosion, however, consumption exceeding the fringe value reduces the stock variable, which in turn decreases the flow variable. If the stock variable is allowed to then the fringe and flow variables may also recover to initial levels. When they are owned by no one, they are used as open access resources, Common property systems of management arise when users acting independently threaten the total net benefit from common-pool resource. In order to maintain the resources, protocols coordinate strategies to maintain the resource as a common property instead of dividing it up into parcels of private property, Common property systems typically protect the core resource and allocate the fringe resources through complex community norms of consensus decision-making. Common resource management has to face the task of devising rules that limit the amount, timing. In common property systems, access to the resource is not free, while there is relatively free but monitored access to the resource system for community members, there are mechanisms in place which allow the community to exclude outsiders from using its resource. Thus, in a common property state, a common-pool resource appears as a good to an outsider. The resource units withdrawn from the system are owned individually by the appropriators. A common property good is rivaled in consumption, Common property systems typically function at a local level to prevent the overexploitation of a resource system from which fringe units can be extracted. The management of resources is highly dependent upon the type of resource involved. An effective strategy at one location, or of one particular resource, in The Challenge of Common-Pool Resources, Ostrom makes the case for adaptive governance as a method for the management of common-pool resources. Adaptive governance is suited to dealing with problems that are complex, uncertain and fragmented, Ostrom outlines five basic protocol requirements for achieving adaptive governance. This makes them similar to common goods during times of prosperity, unlike many common goods, open access goods require little oversight or may be difficult to restrict access

31.
Tragedy of the commons
–
The concept became widely known over a century later due to an article written by the ecologist Garrett Hardin in 1968. In this context, commons is taken to any shared and unregulated resource such as atmosphere, oceans, rivers, fish stocks. However, the term is used when describing a problem where all individuals have equal. Hence, tragedy of open access regimes or simply the open access problem are more apt terms, the tragedy of the commons is often cited in connection with sustainable development, meshing economic growth and environmental protection, as well as in the debate over global warming. It has also used in analyzing behavior in the fields of economics, evolutionary psychology, anthropology, game theory, politics, taxation. Although commons have been known to due to overuse, abundant examples exist where communities cooperate or regulate to exploit common resources prudently without collapse. In 1833, the English economist William Forster Lloyd published a pamphlet included a hypothetical example of over-use of a common resource. This was the situation of cattle herders sharing a common parcel of land on which they are entitled to let their cows graze. He postulated that if a herder put more than his number of cattle on the common. For each additional animal, a herder could receive additional benefits, if all herders made this individually rational economic decision, the common could be depleted or even destroyed, to the detriment of all. In 1968, ecologist Garrett Hardin explored this social dilemma in his article The Tragedy of the Commons, the essay derived its title from the pamphlet by Lloyd, which he cites, on the over-grazing of common land. Hardin focused on population growth, the use of the Earths natural resources. Hardin argued that if individuals relied on themselves alone, and not on the relationship of society and man, parents breeding excessively would leave fewer descendants because they would be unable to provide for each child adequately. Such negative feedback is found in the animal kingdom, Hardin said that if the children of improvident parents starved to death, if overbreeding was its own punishment, then there would be no public interest in controlling the breeding of families. It follows that any choice and decision with regard to the size of the family must irrevocably rest with the family itself, and cannot be made by anyone else. Overall, Hardin argued against relying on conscience as a means of policing commons, in the context of avoiding over-exploitation of common resources, Hardin concluded by restating Hegels maxim, freedom is the recognition of necessity. He suggested that freedom completes the tragedy of the commons, Hardins article was the start of the modern use of Commons as a term connoting a shared resource. They report that Hardin’s 1968 article was the one having the greatest career impact on biologists and is the most frequently cited, like Lloyd and Thomas Malthus before him, Hardin was primarily interested in the problem of human population growth

32.
Nuclear waste
–
Radioactive waste is waste that contains radioactive material. Radioactive waste is usually a by-product of nuclear generation and other applications of nuclear fission or nuclear technology, such as research. Radioactive waste is hazardous to most forms of life and the environment, and is regulated by government agencies in order to protect human health and the environment. Radioactivity naturally decays over time, so radioactive waste has to be isolated and confined in appropriate facilities for a sufficient period until it no longer poses a threat. The time radioactive waste must be stored for depends on the type of waste, Radioactive waste typically comprises a number of radionuclides, unstable configurations of elements that decay, emitting ionizing radiation which can be harmful to humans and the environment. These isotopes emit different types and levels of radiation, which last for different periods of time, the radioactivity of all radioactive waste diminishes with time. Certain radioactive elements will remain hazardous to humans and other creatures for hundreds or thousands of years, other radionuclides remain radioactive for millions of years. Thus, these wastes must be shielded for centuries and isolated from the environment for millennia. Since radioactive decay follows the rule, the rate of decay is inversely proportional to the duration of decay. In other words, the radiation from a long-lived isotope like iodine-129 will be less intense than that of a short-lived isotope like iodine-131. The two tables show some of the radioisotopes, their half-lives, and their radiation yield as a proportion of the yield of fission of uranium-235. The energy and the type of the radiation emitted by a radioactive substance are also important factors in determining its threat to humans. The chemical properties of the element will determine how mobile the substance is and how likely it is to spread into the environment. Exposure to radioactive waste may cause harm or death. In humans, a dose of 1 sievert carries a 5. 5% risk of developing cancer, ionizing radiation causes deletions in chromosomes. If a developing organism such as a child is irradiated, it is possible a birth defect may be induced. The incidence of radiation-induced mutations in humans is small, as in most mammals, because of natural cellular-repair mechanisms, Radioactive waste comes from a number of sources. Waste from the front end of the fuel cycle is usually alpha-emitting waste from the extraction of uranium

33.
Nuclear plant
–
A nuclear power plant or nuclear power station is a thermal power station in which the heat source is a nuclear reactor. As is typical in all conventional thermal power stations the heat is used to steam which drives a steam turbine connected to an electric generator which produces electricity. As of 23 April 2014, the IAEA report there are 449 nuclear power reactors in operation operating in 31 countries, Nuclear power stations are usually considered to be base load stations, since fuel is a small part of the cost of production. Their operations and maintenance and fuel costs are, along with stations, at the low end of the spectrum. The cost of spent fuel management, however, is somewhat uncertain, for more history, see nuclear reactor, nuclear power and nuclear fission. The second, larger experiment occurred on December 20,1951 at the EBR-I experimental station near Arco, on June 27,1954, the worlds first nuclear power station to generate electricity for a power grid started operations at the Soviet city of Obninsk. The worlds first full power station, Calder Hall in England. The worlds first full power station solely devoted to electricity production, Shippingport power plant in the United States. The conversion to electrical energy takes place indirectly, as in conventional power stations. The fission in a nuclear reactor heats the reactor coolant, the coolant may be water or gas or even liquid metal depending on the type of reactor. The reactor coolant then goes to a generator and heats water to produce steam. The pressurized steam is then fed to a multi-stage steam turbine. After the steam turbine has expanded and partially condensed the steam, the condenser is a heat exchanger which is connected to a secondary side such as a river or a cooling tower. The water is pumped back into the steam generator and the cycle begins again. The water-steam cycle corresponds to the Rankine cycle, the nuclear reactor is the heart of the station. In its central part, the cores heat is generated by controlled nuclear fission. With this heat, a coolant is heated as it is pumped through the reactor, heat from nuclear fission is used to raise steam, which runs through turbines, which in turn powers the electrical generators. Nuclear reactors usually rely on uranium to fuel the chain reaction, Uranium is a very heavy metal that is abundant on Earth and is found in sea water as well as most rocks

34.
Nuclear Waste Policy Act
–
The Nuclear Waste Policy Act of 1982 is a United States federal law which established a comprehensive national program for the safe, permanent disposal of highly radioactive wastes. During the first 40 years that nuclear waste was being created in the United States, Nuclear waste, some of which remains radioactive with a half-life of more than one million years, was kept in various types of temporary storage. Of particular concern during nuclear waste disposal are two long-lived fission products, Tc-99 and I-129, which spent fuel radioactivity after a few thousand years. The most troublesome transuranic elements in spent fuel are Np-237 and Pu-239, most existing nuclear waste came from production of nuclear weapons. About 77 million gallons of military nuclear waste in liquid form was stored in tanks, mostly in South Carolina, Washington. In the private sector,82 nuclear plants operating in 1982 used uranium fuel to produce electricity, highly radioactive spent fuel rods were stored in pools of water at reactor sites, but many utilities were running out of storage space. Congress assigned responsibility to the U. S. Department of Energy to site, construct, operate, the U. S. Environmental Protection Agency was directed to set public health and safety standards for releases of radioactive materials from a repository, and the U. S. Nuclear Regulatory Commission was required to promulgate regulations governing construction, operation, generators and owners of spent nuclear fuel and high-level radioactive waste were required to pay the costs of disposal of such radioactive materials. The waste program, which was expected to cost billions of dollars, an Office of Civilian Radioactive Waste Management was established in the U. S. Department of Energy to implement the Act. The Nuclear Waste Policy Act required the Secretary of Energy to issue guidelines for selection of sites for construction of two permanent, underground nuclear waste repositories, DOE was to study five potential sites, and then recommend three to the President by January 1,1985. Five additional sites were to be studied and three of them recommended to the president by July 1,1989 as possible locations for a second repository, a full environmental impact statement was required for any site recommended to the President. Salt and granite formations in other states from Maine to Georgia had also been surveyed, but not evaluated in great detail. The amount of waste or spent fuel that could be placed in the first repository was limited to the equivalent of 70,000 metric tons of heavy metal until a second repository was built. The Act required the government to take ownership of all nuclear waste or spent fuel at the reactor site, transport it to the repository. The Act authorized DOE to provide up to 1,900 metric tons of storage capacity for spent fuel from civilian nuclear reactors. It required that spent fuel in storage facilities be moved to permanent storage within three years after a permanent waste repository went into operation. Costs of temporary storage would be paid by fees collected from electric utilities using the storage, Environmental assessments were required for the sites. It barred construction of an MRS facility in a state under consideration for a permanent waste repository, the DOE in 1985 recommended an integral MRS facility

35.
Antibiotic resistance
–
Antimicrobial resistance is the ability of a microbe to resist the effects of medication previously used to treat them. This broader term also covers antibiotic resistance, which applies to bacteria, resistance arises through one of three ways, natural resistance in certain types of bacteria, genetic mutation, or by one species acquiring resistance from another. Resistance can appear spontaneously because of mutations, or more commonly following gradual buildup over time. Resistant microbes are increasingly difficult to treat, requiring alternative medications or higher doses, microbes resistant to multiple antimicrobials are called multidrug resistant, or sometimes superbugs. Antimicrobial resistance is on the rise with millions of deaths every year, Antibiotics should only be used when needed as prescribed by health professionals. The prescriber should closely adhere to the five rights of administration, the right patient, the right drug, the right dose, the right route. Narrow-spectrum antibiotics are preferred over broad-spectrum antibiotics when possible, as effectively and accurately targeting specific organisms is less likely to cause resistance, cultures should be taken before treatment when indicated and treatment potentially changed based on the susceptibility report. For people who take these medications at home, education about proper use is essential, rising drug resistance is caused mainly by improper use of antimicrobials in humans as well as in animals, and spread of resistant strains between the two. Antibiotics increase selective pressure in bacterial populations, causing vulnerable bacteria to die, with resistance to antibiotics becoming more common there is greater need for alternative treatments. Calls for new antibiotic therapies have been issued, but new development is becoming rarer. Antibiotic resistance—when bacteria change so antibiotics no longer work in people who need them to treat infections—is now a threat to public health. Increasing public calls for collective action to address the threat include proposals for international treaties on antimicrobial resistance. Worldwide antibiotic resistance is not fully mapped, but poorer countries with weak healthcare systems are more affected, the WHO defines antimicrobial resistance as a microorganisms resistance to an antimicrobial drug that was once able to treat an infection by that microorganism. A person cannot become resistant to antibiotics, resistance is a property of the microbe, not a person or other organism infected by a microbe. Bacteria with resistance to antibiotics predate medical use of antibiotics by humans, however and this may result in emergence of resistance in any remaining bacteria. Antibiotic use in feed at low doses for growth promotion is an accepted practice in many industrialized countries and is known to lead to increased levels of resistance. It is uncertain whether antibacterials in soaps and other products contribute to antibiotic resistance, increasing bacterial resistance is linked with the volume of antibiotic prescribed, as well as missing doses when taking antibiotics. Up to half of antibiotics used in humans are unnecessary and inappropriate, a single regimen of antibiotics even in compliant individuals leads to a greater risk of resistant organisms to that antibiotic in the person for a month to possibly a year

36.
Pigouvian taxes
–
A Pigovian tax is a tax levied on any market activity that generates negative externalities. The tax is intended to correct an inefficient market outcome, in the presence of negative externalities, the social cost of a market activity is not covered by the private cost of the activity. In such a case, the outcome is not efficient. An often-cited example of such an externality is environmental pollution, in the presence of positive externalities, i. e. public benefits from a market activity, those who receive the benefit do not pay for it and the market may under-supply the product. Similar logic suggests the creation of a Pigovian subsidy to make the pay for the extra benefit. An example sometimes cited is a subsidy for provision of flu vaccine, Pigovian taxes are named after English economist Arthur Pigou who also developed the concept of economic externalities. William Baumol was instrumental in framing Pigous work in economics in 1972. In 1920, British economist Arthur C, Pigou wrote The Economics of Welfare. In it, Pigou argues that industrialists seek their own marginal private interest, when the marginal social interest diverges from the marginal private interest, the industrialist has no incentive to internalize the cost of the marginal social cost. Conversely, Pigou argues, if an industry produces a marginal social benefit, Pigou refers to these situations as incidental uncharged disservices and incidental uncharged services, respectively. Pigou provides numerous illustrations of incidental uncharged disservices and he also references businesses that sell alcohol. The sale of alcohol necessitates higher costs in policemen and prisons, Pigou argues, in other words, the net private product of alcohol businesses is peculiarly large relative to the net social product of the same business. He suggests that this is why most countries tax alcohol businesses, the divergence between the marginal private interest and the marginal social interest produces two primary results. First, as noted, the party receiving the social benefit does not pay for it. Second, when the social cost exceeds the private marginal benefit. Ultimately, because non-pecuniary externalities overestimate the value, they are over-produced. To deal with over-production, Pigou recommends a tax placed on the offending producer, if the government can accurately gauge the social cost, the tax could equalize the marginal private cost and the marginal social cost. In more specific terms, the producer would have to pay for the non-pecuniary externality that it created and this would effectively reduce the quantity of the product produced, moving the economy back to a healthy equilibrium

37.
Passive smoking
–
Passive smoking is the inhalation of smoke, called second-hand smoke, or environmental tobacco smoke, by persons other than the intended active smoker. It occurs when tobacco smoke permeates any environment, causing its inhalation by people within that environment, Exposure to second-hand tobacco smoke causes disease, disability, and death. The health risks of smoke are a matter of scientific consensus. These risks have been a motivation for smoke-free laws in workplaces and indoor public places, including restaurants, bars and night clubs. Concerns around second-hand smoke have played a role in the debate over the harms. Since the early 1970s, the industry has viewed public concern over second-hand smoke as a serious threat to its business interests. Harm to bystanders was perceived as a motivator for stricter regulation of tobacco products, Second-hand smoke causes many of the same diseases as direct smoking, including cardiovascular diseases, lung cancer, and respiratory diseases. Lung cancer, passive smoking is a factor for lung cancer. In the United States passive smoke is estimated to more than 7,000 deaths from lung cancer a year among non-smokers. A2015 meta-analysis found that the evidence that passive smoking moderately increased the risk of breast cancer had become more substantial than a few years ago, pancreatic cancer, A2012 meta-analysis found no evidence that passive smoking was associated with an increased risk of pancreatic cancer. Cervical cancer, A2015 overview of reviews found that exposure to second-hand smoke increased the risk of cervical cancer. Bladder cancer, A2016 systematic review and meta-analysis found that secondhand smoke exposure was associated with a significant increase in the risk of bladder cancer. Circulatory system, risk of disease, reduced heart rate variability. Epidemiological studies have shown that both active and passive cigarette smoking increase the risk of atherosclerosis. Passive smoking is associated with an increased risk of stroke. The majority of studies on the association between secondhand smoke exposure and sinusitis have found a significant association between the two, cognitive impairment and dementia, Exposure to secondhand smoke may increase the risk of cognitive impairment and dementia in adults 50 and over. Mental health, Exposure to secondhand smoke is associated with a risk of depressive symptoms. During pregnancy, Low birth weight, part B, ch.3, premature birth, part B, ch.3 Laws limiting smoking decrease premature births. General, Worsening of asthma, allergies, and other conditions and it remains unclear whether the association between passive smoking and diabetes is causal

38.
Traffic congestion
–
Traffic congestion is a condition on transport networks that occurs as use increases, and is characterized by slower speeds, longer trip times, and increased vehicular queueing. The most common example is the use of roads by vehicles. When traffic demand is great enough that the interaction between vehicles slows the speed of the stream, this results in some congestion. As demand approaches the capacity of a road, extreme traffic congestion sets in, when vehicles are fully stopped for periods of time, this is colloquially known as a traffic jam or traffic snarl-up. Traffic congestion can lead to becoming frustrated and engaging in road rage. Mathematically, congestion is usually looked at as the number of vehicles that pass through a point in a window of time, Congestion flow lends itself to principles of fluid dynamics. Traffic congestion occurs when a volume of traffic or modal split generates demand for greater than the available street capacity. About half of U. S. traffic congestion is recurring, Traffic research still cannot fully predict under which conditions a traffic jam may suddenly occur. It has been found that individual incidents may cause ripple effects which then spread out and create a traffic jam when, otherwise. Some traffic engineers have attempted to apply the rules of fluid dynamics to traffic flow, Traffic scientists liken such a situation to the sudden freezing of supercooled fluid. However, unlike a fluid, traffic flow is affected by signals or other events at junctions that periodically affect the smooth flow of traffic. Alternative mathematical theories exist, such as Boris Kerners three-phase traffic theory, because of the poor correlation of theoretical models to actual observed traffic flows, transportation planners and highway engineers attempt to forecast traffic flow using empirical models. These models are typically calibrated by measuring actual traffic flows on the links in the network. That discovery enabled the team to solve traffic-jam equations that were first theorized in the 1950s, congested roads can be seen as an example of the tragedy of the commons. Privatization of highways and road pricing have both proposed as measures that may reduce congestion through economic incentives and disincentives. Congestion can also happen due to non-recurring highway incidents, such as a crash or roadworks, economist Anthony Downs argues that rush hour traffic congestion is inevitable because of the benefits of having a relatively standard work day. In a capitalist economy, goods can be allocated either by pricing or by queueing and they determined that the number of vehicle-kilometers traveled increases in direct proportion to the available lane-kilometers of roadways. The implication is that new roads and widening existing ones only results in additional traffic that continues to rise until peak congestion returns to the previous level

Air pollution
–
Air pollution occurs when harmful substances including particulates and biological molecules are introduced into Earths atmosphere. It may cause diseases, allergies or death in humans, it may cause harm to other living organisms such as animals and food crops. Human activity and natural processes can both generate air pollution, indoor air pollutio

1.
Air pollution from a fossil-fuel power station

2.
Before flue-gas desulfurization was installed, the emissions from this power plant in New Mexico contained excessive amounts of sulfur dioxide.

3.
Dust storm approaching Stratford, Texas

4.
Controlled burning of a field outside of Statesboro, Georgia in preparation for spring planting

Motor vehicle
–
For legal purposes motor vehicles are often identified within a number of vehicle classes including cars, buses, motorcycles, off-road vehicles, light trucks and regular trucks. These classifications vary according to the codes of each country. ISO3833,1977 is the standard for road vehicles types, terms, as of 2010 there were more than one billion

1.
The United States has the world's largest motor vehicle registered fleet, with almost 250 million vehicles.

2.
The People's Republic of China became the world's largest new car market in 2009

Economics
–
Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services according to the Merriam-Webster Dictionary. Economics focuses on the behaviour and interactions of economic agents and how economies work, consistent with this focus, textbooks often distinguish betwe

1.
Economists study trade, production and consumption decisions, such as those that occur in a traditional marketplace.

4.
A map showing the main trade routes for goods within late medieval Europe.

Fireproofing
–
Fireproofing is rendering something resistant to fire, or incombustible, or material for use in making anything fire-proof. It is a fire protection measure. Fireproof or fireproofing can be used as a noun, verb or adjective, applying a certification listed fireproofing system to certain structures allows them to have a fire-resistance rating. The t

4.
Penetrations of structural beams. The installation is incomplete, as the beams are not yet treated with fireproofing. If left as-is, they would collapse in a fire, resulting in openings in the fire separation wall.

Pollution
–
Pollution is the introduction of contaminants into the natural environment that cause adverse change. Pollution can take the form of chemical substances or energy, such as noise, pollutants, the components of pollution, can be either foreign substances/energies or naturally occurring contaminants. Pollution is often classed as point source or nonpo

1.
The litter problem on the coast of Guyana, 2010

2.
Air pollution in the US, 1973

3.
Smog Pollution in Taiwan

4.
The Lachine Canal in Montreal, Quebec, Canada.

Market (economics)
–
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers and it can be said that a market is the process

1.
Financial markets

2.
Corn Exchange, in London circa 1809.

3.
A market in Râmnicu Vâlcea by Amedeo Preziosi.

4.
Cabbage market by Václav Malý.

Social cost
–
Social cost in economics may be distinguished from private cost. Economic theorists model individual decision-making as measurement of costs and benefits, Social cost is also considered to be the private cost plus externalities. Rational choice theory often assumes that individuals consider only the costs they themselves bear when making decisions,

1.
This article has multiple issues. Please help improve it or discuss these issues on the talk page.

Henry Sidgwick
–
Henry Sidgwick was an English utilitarian philosopher and economist. He was one of the founders and first president of the Society for Psychical Research and his work in economics has also had a lasting influence. He also founded Newnham College in 1875, a constituent college of the University of Cambridge. It was the second Cambridge college to ad

1.
Henry Sidgwick

2.
Eusapia Palladino.

Arthur C. Pigou
–
Arthur Cecil Pigou was an English economist. As a teacher and builder of the school of economics at the University of Cambridge and his work covered various fields of economics, particularly welfare economics, but also included Business cycle theory, unemployment, public finance, index numbers, and measurement of national output. His reputation was

1.
Arthur Cecil Pigou

Welfare economics
–
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being at the aggregate level. The field of economics is associated with two fundamental theorems. The first states that certain assumptions, competitive markets produce efficient outcomes. The second states that given further restrictions, any Pareto effi

1.
World GDP (PPP) per capita by country (2014)

Trespass
–
Trespass is an area of criminal law or tort law broadly divided into three groups, trespass to the person, trespass to chattels and trespass to land. Trespass to the person historically involved six separate trespasses, threats, assault, battery, wounding, mayhem, and maiming. Trespass to chattels, also known as trespass to goods or trespass to pro

1.
Denning, LJ: "[I]n an ordinary fight with fists there is no cause of action to either of [the combatants] for any injury suffered."

Ethical
–
Ethics or moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct. The term ethics derives from the Ancient Greek word ἠθικός ethikos, the branch of philosophy axiology comprises the sub-branches of ethics and aesthetics, each concerned with values. As a branch of philo

1.
Socrates

2.
Plato – Kant – Nietzsche

3.
Immanuel Kant

Political
–
Politics is the process of making decisions applying to all members of each group. More narrowly, it refers to achieving and exercising positions of governance — organized control over a human community, furthermore, politics is the study or practice of the distribution of power and resources within a given community as well as the interrelationshi

1.
Political views differ on average across nations. A recreation of the Inglehart – Welzel Cultural Map of the World based on the World Values Survey.

Property right
–
The right to property or right to own property is often classified as a human right for natural persons regarding their possessions. The right to property is one of the most controversial human rights, controversy centres upon who is deemed to have property rights protected, the type of property which is protected, and the reasons for which propert

1.
John Locke 's 1689 Two Treatises of Government, in it Locke calles "lives, liberties and estates" the "property" of individuals.

Friedrich Hayek
–
Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his pioneering work in the theory of money and economic fluctuations and. Penetrating analysis of the interdependence of economic, social and institutional phenomena, Hayek served in World War I and said that his experience in the war and his desire to help avoid

1.
Friedrich Hayek

2.
University of Vienna, main building, seen from across the Ringstraße

3.
LSE's Old Building

4.
University of Chicago from the Midway Plaisance

Milton Friedman
–
Friedmans challenges to what he later called naive Keynesian theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies and he theorized that there existed a natural rate of unemployment, and argued that employment above this rate would cause inflation t

1.
Friedman in 2004

2.
University of Chicago

Ludwig von Mises
–
Ludwig Heinrich Edler von Mises was a theoretical Austrian School economist. Mises wrote and lectured extensively on behalf of classical liberalism and he is best known for his work on praxeology, a study of human choice and action. Mises emigrated from Austria to the United States in 1940, since the mid-20th century, the libertarian movement in th

1.
Ludwig von Mises

Light pollution
–
Light pollution, also known as photopollution, is excessive, misdirected or obtrusive artificial light. As a major side-effect of urbanization, it is blamed for compromising health, disrupting ecosystems, Light pollution is the adding-of/added light itself, in analogy to added sound, carbon dioxide, etc. Adverse consequences are multiple, some of t

1.
Aerial view of Paris at night (France)

2.
This time exposure photo of New York City at night shows skyglow, one form of light pollution.

3.
An example of a light pollution source, using a broad spectrum metal halide lamp, pointing upward in Uniqema Gouda, the Netherlands.

4.
An office building is illuminated by high pressure sodium (HPS) lamps shining upward, of which much light goes into the sky and neighboring apartment blocks and causes light pollution.

Barry Commoner
–
Barry Commoner was an American biologist, college professor, and politician. He was a leading ecologist and among the founders of the environmental movement. He ran for president of the United States in the 1980 U. S. presidential election on the Citizens Party ticket and he served as editor of Science Illustrated magazine. Commoner was born in Bro

1.
Barry Commoner

2.
Time reported in its February 1970 issue that "the national concern over the environment has reached an unprecedented level of intensity." On the cover, the visage of Barry Commoner projected a powerful image of ecology, which took the stage for the first time in the public eye.

Environmental economics
–
Environmental economics is a sub-field of economics that is concerned with environmental issues. Particular issues include the costs and benefits of alternative policies to deal with air pollution, water quality, toxic substances, solid waste. Environmental economics is distinguished from ecological economics in that ecological economics emphasizes

1.
Nitrogen Cycle

3.
Oxygen Cycle

4.
Main fields

Anthropogenic climate change
–
Global warming and climate change are terms for the observed century-scale rise in the average temperature of the Earths climate system and its related effects. Multiple lines of evidence show that the climate system is warming. The largest human influence has been emission of gases such as carbon dioxide, methane. These findings have been recogniz

1.
Atmospheric CO 2 concentration from 650,000 years ago to near present, using ice core proxy data and direct measurements.

2.
Global mean surface temperature change from 1880 to 2014, relative to the 1951–1980 mean. The black line is the annual mean and the red line is the 5-year running mean. The green bars show uncertainty estimates. Source: NASA GISS.

3.
Ship tracks can be seen as lines in these clouds over the Atlantic Ocean on the east coast of the United States. Atmospheric particles from these and other sources could have a large effect on climate through the aerosol indirect effect.

Greenhouse gas
–
A greenhouse gas is a gas in an atmosphere that absorbs and emits radiation within the thermal infrared range. This process is the cause of the greenhouse effect. The primary greenhouse gases in Earths atmosphere are water vapor, carbon dioxide, methane, nitrous oxide, without greenhouse gases, the average temperature of Earths surface would be abo

1.
The false colors in this image represent concentrations of carbon monoxide in the lower atmosphere, ranging from about 390 parts per billion (dark brown pixels), to 220 parts per billion (red pixels), to 50 parts per billion (blue pixels).

Stern Review
–
The report discusses the effect of global warming on the world economy. Although not the first economic report on climate change, it is significant as the largest and most widely known, the Review states that climate change is the greatest and widest-ranging market failure ever seen, presenting a unique challenge for economics. The Review provides

1.
The Stern Review differs strongly from most other estimates of climate change costs in the economics literature

Water pollution
–
Water pollution is the contamination of water bodies. This form of environmental degradation occurs when pollutants are directly or indirectly discharged into water bodies without adequate treatment to remove harmful compounds, Water pollution affects the entire biosphere – plants and organisms living in these bodies of water. In almost all cases t

1.
Raw sewage and industrial waste in the New River as it passes from Mexicali to Calexico, California

2.
Pollution in the Lachine Canal, Canada

3.
Point source pollution – Shipyard – Rio de Janeiro.

4.
Poster to teach people in South Asia about human activities leading to the pollution of water sources

Noise pollution
–
Noise pollution or noise disturbance is the disturbing or excessive noise that may harm the activity or balance of human or animal life. The source of most outdoor noise worldwide is caused by machines and transportation systems, motor vehicles, aircraft. Outdoor noise is summarized by the environmental noise. Poor urban planning may give rise to n

1.
Traffic is the main source of noise pollution in cities.

3.
A Qantas Airways Boeing 747-400 passes close to houses shortly before landing at London Heathrow Airport.

4.
A sound level meter, a basic tool in measuring sound.

Systemic risk
–
It can be defined as financial system instability, potentially catastrophic, caused or exacerbated by idiosyncratic events or conditions in financial intermediaries. It is also sometimes referred to as systematic risk. Systemic risk has been associated with a run which has a cascading effect on other banks which are owed money by the first bank in

1.
Categories of

Factory farming
–
The main products of this industry are meat, milk and eggs for human consumption. There are issues regarding whether factory farming is sustainable and ethical, there are differences in the way factory farming techniques are practiced around the world. There is a debate over the benefits, risks and ethical questions of factory farming. The issues i

1.
Agriculture

2.
A commercial chicken house with open sides raising broiler pullets for meat

3.
Hens in Brazil

4.
Example of self made recirculation Aquaculture system

Overuse of antibiotic
–
Antibiotic misuse, sometimes called antibiotic abuse or antibiotic overuse, refers to the misuse or overuse of antibiotics, with potentially serious effects on health. Common situations in which antibiotics are overused include the following, Apparent viral respiratory illness in children should not be treated with antibiotics, if there is a diagno

1.
This poster from the U.S. Centers for Disease Control and Prevention "Get Smart" campaign, intended for use in doctors' offices and other healthcare facilities, warns that antibiotics do not work for viral illnesses such as the common cold.

Overfishing
–
Overfishing is a form of overexploitation where fish stocks are reduced to below acceptable levels. Overfishing can occur in bodies of any sizes, such as ponds, rivers, lakes or oceans. Sustained overfishing can lead to critical depensation, where the population is no longer able to sustain itself. Some forms of overfishing, for example the overfis

1.
400 tons of jack mackerel caught by a Chilean purse seiner

2.
Fishing down the food web

3.
Atlantic cod stocks were severely overfished in the 1970s and 1980s, leading to their abrupt collapse in 1992

4.
Fisheries science

Common Property Resource
–
Unlike pure public goods, common pool resources face problems of congestion or overuse, because they are subtractable. A common-pool resource typically consists of a resource, which defines the stock variable, while providing a limited quantity of extractable fringe units. While the core resource is to be protected or nurtured in order to allow for

1.
Air

2.
Art

Tragedy of the commons
–
The concept became widely known over a century later due to an article written by the ecologist Garrett Hardin in 1968. In this context, commons is taken to any shared and unregulated resource such as atmosphere, oceans, rivers, fish stocks. However, the term is used when describing a problem where all individuals have equal. Hence, tragedy of open

1.
Cows on Selsley Common

2.
Clearing rainforest for agriculture in southern Mexico.

Nuclear waste
–
Radioactive waste is waste that contains radioactive material. Radioactive waste is usually a by-product of nuclear generation and other applications of nuclear fission or nuclear technology, such as research. Radioactive waste is hazardous to most forms of life and the environment, and is regulated by government agencies in order to protect human

1.
Activity of U-233 for three fuel types

2.
Total activity for three fuel types

3.
Removal of very low-level waste

4.
Spent fuel flasks are transported by railway in the United Kingdom. Each flask is constructed of 14 in (360 mm) thick solid steel and weighs in excess of 50 tons

Nuclear plant
–
A nuclear power plant or nuclear power station is a thermal power station in which the heat source is a nuclear reactor. As is typical in all conventional thermal power stations the heat is used to steam which drives a steam turbine connected to an electric generator which produces electricity. As of 23 April 2014, the IAEA report there are 449 nuc

1.
A nuclear power station (Grafenrheinfeld Nuclear Power Plant, Grafenrheinfeld, Bavaria, Germany). The nuclear reactor is contained inside the spherical containment building in the center - left and right are cooling towers which are common cooling devices used in all thermal power stations, and likewise, emit water vapor from the non- radioactive steam turbine section of the power plant.

2.
Nuclear power plant in Jaslovské Bohunice in Slovakia.

3.
The control room at an American nuclear power plant.

4.
The Bruce Nuclear Generating Station, the largest nuclear power facility in the world

Nuclear Waste Policy Act
–
The Nuclear Waste Policy Act of 1982 is a United States federal law which established a comprehensive national program for the safe, permanent disposal of highly radioactive wastes. During the first 40 years that nuclear waste was being created in the United States, Nuclear waste, some of which remains radioactive with a half-life of more than one

1.
Nuclear Waste Policy Act

Antibiotic resistance
–
Antimicrobial resistance is the ability of a microbe to resist the effects of medication previously used to treat them. This broader term also covers antibiotic resistance, which applies to bacteria, resistance arises through one of three ways, natural resistance in certain types of bacteria, genetic mutation, or by one species acquiring resistance

1.
Antibiotic resistance tests: Bacteria are streaked on the dish on which antibiotic impregnated white disks are placed. Bacteria in the culture on the left are susceptible to the antibiotic in each disk, as shown by the dark, clear rings where bacteria have not grown. Those on the right are fully susceptible to only three of the seven antibiotics tested.

2.
Deaths attributable to antimicrobial resistance every year compared to other major causes of death.

3.
All animals carry bacteria in their intestines. Antibiotics are given to animals. Antibiotics kill most bacteria. But resistant bacteria survive and multiply.

4.
A number of mechanisms used by common antibiotics to deal with bacteria and ways by which bacteria become resistant to them.

Pigouvian taxes
–
A Pigovian tax is a tax levied on any market activity that generates negative externalities. The tax is intended to correct an inefficient market outcome, in the presence of negative externalities, the social cost of a market activity is not covered by the private cost of the activity. In such a case, the outcome is not efficient. An often-cited ex

1.
Taxation

Passive smoking
–
Passive smoking is the inhalation of smoke, called second-hand smoke, or environmental tobacco smoke, by persons other than the intended active smoker. It occurs when tobacco smoke permeates any environment, causing its inhalation by people within that environment, Exposure to second-hand tobacco smoke causes disease, disability, and death. The hea

1.
Tobacco smoke in an Irish pub before a smoking ban came into effect on March 29, 2004

Traffic congestion
–
Traffic congestion is a condition on transport networks that occurs as use increases, and is characterized by slower speeds, longer trip times, and increased vehicular queueing. The most common example is the use of roads by vehicles. When traffic demand is great enough that the interaction between vehicles slows the speed of the stream, this resul

1.
Congestion on a city road in Moscow.

2.
Traffic jam in Los Angeles, 1953

3.
Traffic congestion on Marginal Pinheiros, near downtown São Paulo. According to Time magazine, São Paulo has the world's worst traffic jams. Drivers are informed through variable message signs the prevailing queue length.

4.
Congestion on a street in Taipei consisting primarily of motorcycles.

2.
Charlotte Cleverley-Bisman, who had all four limbs partially amputated at the age of seven months due to meningococcal disease. Mass vaccination can prevent children who are too young to be vaccinated from catching transmissible diseases.

3.
A cow with rinderpest in the " milk fever " position, 1982. The last confirmed case of rinderpest occurred in Kenya in 2001 and the disease was officially declared eradicated in 2011.

4.
Measles vaccine coverage and reported measles cases in Eastern Mediterranean countries. As coverage increased, the number of cases decreased.

2.
The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a positive shift in demand from D 1 to D 2, resulting in an increase in price (P) and quantity sold (Q) of the product.

2.
A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.

1.
Newspaper headlines from around the world about polio vaccine tests (13 April 1955)

2.
Three former directors of the Global Smallpox Eradication Programme read the news that smallpox had been globally eradicated, 1980

3.
Emergency Response Team in Burma after Cyclone Nargis in 2008

4.
The primitive nature of medieval medicine rendered Europe helpless to the onslaught of the Black Death in the 14th century. Fragment of a miniature from "The Chronicles of Gilles Li Muisis" (1272-1352). Bibliothèque royale de Belgique, MS 13076-77, f. 24v.

1.
The pool shows institutions and market as a possible form of organization to coordinate economic transactions. When the external transaction costs are higher than the internal transaction costs, the company will grow. If the internal transaction costs are higher than the external transaction costs the company will be downsized by outsourcing, for example.